SALE OR LEASE: CONDITION PRECEDENT

(a) No sale, transfer, or lease of a state facility is valid unless the board first makes the following affirmative findings: (1) that the applicant has a permit granted by the commission; (2) that the sale, transfer, or lease serves the public interest; and (3) that the consideration for the sale, transfer, or lease is fair, just, reasonable, and in full compliance with the law. (b) The consideration for a sale or transfer may be either money or revenue bonds which for the purposes of this section shall be deemed the same as money. (c) The amount of money shall be equal to the price for purchasing the facilities as prescribed by Sections 15.317-15.318 of this code, or if revenue bonds constitute the consideration, the principal amount of revenue bonds shall be equal to the price for purchasing the facilities as prescribed by the provisions of Sections 15.317-15.318 of this code, and the revenue bonds shall bear interest at the rate prescribed in Section 17.128 of this code with regard to bonds purchased with the proceeds of the Texas water development fund.