Sec. 49.507.  CONTRACT TO PURCHASE PROPORTIONATE WATER RIGHTS; WATER RIGHTS SALE CONTRACT.  (a)  A municipal water supplier may contract to purchase the proportionate water rights described by Section 49.505.
(b)  The purchase price may not exceed 68 percent of the current market value, as determined under Section 49.509, for the year that the municipal water supplier petitions the district.
(c)  The contract must be in writing in a document entitled "Water Rights Sales Contract."
(d)  The contract must include the purchase price for the water rights or, if the consideration for the sale is not monetary, the terms of the sale.
(e)  The municipal water supplier shall file the contract with the Rio Grande watermaster not later than the 10th day after the date the contract is executed.
(f)  The municipal water supplier shall pay the purchase price when the proportionate amount of water rights is made available to the municipal water supplier.
Added by Acts 2007, 80th Leg., R.S., Ch. 1430 (S.B. 3), Sec. 2.24, eff. September 1, 2007.