1. (a) The authority may enter into a contract, lease, or other agreement necessary or convenient to carry out a power given to the authority by this chapter.

2. (b) The authority may enter into the contract, lease, or agreement with any person, including:

   1. (1) an individual or artificial entity;
   2. (2) a corporation, including a municipal corporation and a public or private corporation; and
   3. (3) a government or governmental agency, including the United States and this state.

3. (c) The authority may:

   1. (1) convey or cause to be conveyed any of its property to the United States; and
   2. (2) enter into a lease, regardless of whether it includes a privilege of purchase, with the United States relating to any property and obligate the authority to pay rent under the lease from the income or other revenue of the property.
4. (d) A contract, lease, or agreement under this section must be approved by resolution of the board and must be executed by the president and attested by the secretary-treasurer.
5. (e) This section does not authorize the assumption by the authority of any obligation requiring a payment from taxes.
6. (f) The property to which Subsection (c) applies includes a right, land, tenement, easement, improvement, reservoir, dam, canal, plant, lateral, work, and facility.

Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.