Texas Education Code - Section 45.082. Sale Of Property; Revenue Bonds
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§ 45.082. SALE OF PROPERTY; REVENUE BONDS. (a) The board
of a district may sell real property owned by the district and issue
revenue bonds payable from the proceeds of the sale subject to this
section.
(b) The board must determine by order that the real property
is not required for the current needs of the district for
educational purposes, and the proceeds from the sale are required
and will be used for:
(1) constructing or equipping school buildings in the
district or purchasing necessary sites for school buildings; or
(2) paying the principal of and interest and premium
on any bonds issued pursuant to this subchapter.
(c) The board is not required to comply with this section if
the sale is:
(1) to a corporation established by the district under
Chapter 303, Local Government Code; and
(2) subject to a lease-purchase agreement under which
the district will acquire the real property.
(d) The real property may be sold for the price and on the
terms determined by order of the board to be most advantageous to
the district. The sale may be made pursuant to an installment sale
agreement or contract or any other method. The sale must be for
cash and all payments for the real property must be scheduled to be
paid not more than 10 years after the date of execution of the
agreement or contract of sale. Real property may not be sold for
less than an aggregate price equal to its fair market value as
determined by an appraisal obtained by the district not more than
180 days before the publication of the notice required by
Subsection (e)(3). The appraisal is conclusive of the fair market
value of the property for purposes of this subchapter.
(e) Before selling or executing any agreement or contract
for the sale of the real property, the board shall:
(1) determine which real estate is proposed to be
sold;
(2) determine the scope of the terms on which it will
consider selling the real property, and, if the sale price is to be
paid in installments, require the purchasers of the real property
to secure the payment of the sale price by escrowing collateral
acceptable to the board such as a letter of credit, United States
government bonds, or any other generally recognized form of
guarantee or security;
(3) publish a notice to prospective purchasers at
least two weeks before the date set for receiving proposals in a
real estate journal and in at least two newspapers of general
circulation in the district, requesting sealed written proposals
from prospective purchasers to purchase the real property and
including the scope of the terms of sale that will be considered,
and the time, date, and place where the proposals will be received;
and
(4) determine by order of the board which sealed
written proposal is most advantageous to the district, and accept
that proposal, or reject all proposals if considered advisable.
(f) Except as provided by this subsection, the sale must
have been previously approved by a majority of the qualified voters
of the district voting at an election held in the district at which
a proposition to ascertain approval is submitted. An election is
not required if the board determines by order that the proceeds from
the sale of the real property are required and will be used for
constructing or equipping or for paying the principal of, and
interest and premium, if any, on bonds issued pursuant to this
subchapter for the purpose of constructing or equipping a school
building that is to be constructed pursuant to an order or judgment
entered by a United States District Judge in any action or cause in
which the district is a party.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 2001, 77th Leg., ch. 1420, § 8.210, eff. Sept. 1,
2001.
Section: 45.058 45.059 45.060 45.061 45.062 45.063 45.081 45.082 45.083 45.084 45.085 45.086 45.087 45.101 45.102
Last modified: August 10, 2007
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