BUSINESS
AND OPERATIONS: PURCHASE/SALE OF [LAW]
REAL
PROPERTY IN TRUST
The
following provisions do not apply to a charter holder that has amended its
charter to provide for alternative procedures for purchasing and selling real
property held in trust, and the charter amendment has been approved by the
commissioner of education.
19
The
school is a governmental entity for purposes of subchapter D, Chapter 2252, of
the Texas Government Code. A requirement
in Chapter 2252, subchapter D that applies to a school district or the board of
trustees of a school district applies to the school, the board of the school,
and the board of the charter holder.
1. Purchase
The school
may not purchase real property held in trust until the trustee submits to the school
board a copy of the trust agreement identifying the true owner of the property.
The trustee shall identify the true
owner of the property to the school.
2.
The school
may not sell real property to a trustee until it has received from the trustee
a copy of the trust agreement identifying the person who will be the true owner
of the property. The trustee shall
identify the person who will be the true owner of the property to the school.
3. Void Contract
A
conveyance of property subject to this policy is void if the school fails to
comply with its provisions.
4. Confidentiality of Agreement
A trust
agreement submitted to the school board is confidential information for
purposes of the Texas Public Information Act, § 552.021, Tex. Gov’t Code, but
must be disclosed to the Texas Education Agency in connection to agency audits,
monitoring, and investigations.