SUBCHAPTER B. OPERATION OF SYSTEM

Sec. 362.011.  AUTHORITY TO ACQUIRE AND TRANSFER PROPERTY.  (a)  An issuer may acquire, construct, and improve a system for lease or sale as provided by this chapter and may acquire real property as the issuer considers appropriate for the system.
(b)  An issuer may lease its system to another person.
(c)  An issuer may sell a system, by installment payments or other method of payment, to any person on conditions the issuer considers desirable.
(d)  A lease or sales contract entered into under this chapter may be for the term agreed to by the parties, and must provide that it continues in effect until the bonds specified in the lease or contract, or refunding bonds issued in place of those bonds, are fully paid.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.