(a) Before a river authority may acquire property under Section 152.202(2) through the exchange of revenue bonds, notes, or other obligations, the authority must obtain a written appraisal of the property by an independent appraiser certifying that the property has a value equal to or greater than the par value of the bonds, notes, or other obligations.
(b) The river authority shall:
(1) maintain the appraisal on file as a public record; and
(2) file a copy of the appraisal with the Texas Commission on Environmental Quality.
Official text of the Texas Water Code as published by the Texas Legislative Council.