Sec. 307.023.  LEASES AND OPERATING AGREEMENTS.  (a)  The governing body of the municipality may enter into any contract in connection with the pier and its facilities on terms it considers to be in the best interest of the municipality, including:
(1)  a lease under which all or part of the pier is leased to one or more other parties;  and
(2)  an operating contract under which all or part of the pier is to be operated by one or more other parties.
(b)  A lease or operating contract must be authorized by ordinance or resolution adopted by the governing body and may cover any term of years not to exceed 40 years from the date of the lease or contract.
(c)  All or part of the proceeds derived by the municipality from a lease or operating contract may be pledged to the payment of revenue bonds issued by the municipality under Subchapter C.
(d)  A lease may authorize the lessee to acquire or construct improvements or facilities and may provide for the transfer of the improvements or facilities to the municipality at the termination of the lease.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.