Sec. 254.062.  LEASE OR SALE OF ISLAND PROPERTY.  (a)  In connection with the issuance of revenue obligations, a municipality or board may lease, sublease, or sell island property to be constructed or acquired with the proceeds of the obligations.
(b)  A lease, sublease, or contract of sale may contain any provision that the municipality or board considers advantageous.
(c)  A lease, sublease, or contract of sale may provide for the lessee or purchaser of the island property to make payments in amounts adequate to pay the principal of and interest and premium on the obligations when they become due.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.