Form 50-214 - Application For Nonprofit Water Supply Wastewater Service Corporation Property Tax Exemption Page 2

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P r o p e r t y T a x

Application for Nonprofit Water Supply or Wastewater Service Corporation Property Tax Exemption

Form 50-214

STEP 3: Answer these Questions About the Organization

1. Does the organization operate in such a manner that does not result in the accrual of distributable profits, the distribution

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of profits or the realization of any other form of private gain? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

2. In the past year has the organization loaned funds to, borrowed funds from, sold property to or bought property from a

shareholder, director or member of the organization, or has a shareholder or member sold his interest in the organization

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for a profit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If “YES,” attach a description of each transaction. For sales, give buyer, seller, price paid, value of the property sold and date of

sale. For loans, give lender, borrower, amount borrowed, interest rate and term of loan. Attach a copy of note, if any.

3. If operated by a corporation, is the corporation non-profit as defined by the Texas Non-Profit Corporation Act

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(Article 1396, Tex. Rev. Civ. Stat.)?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

STEP 4: Answer these Questions About the Organization’s By-laws and Charter

1. If the organization is a corporation, does the corporation’s charter provide:

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a. That no dividends shall ever be paid on the corporation’s stock? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

b. That all profits arising from the operation of the corporation’s business must be paid each year to cities, towns,

counties, other political subdivisions, private corporations and other persons who, during the past year, transacted

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business with the corporation, in direct proportion to the amount of business transacted? . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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c. That no dividends will be paid while the corporation’s indebtedness remains unpaid?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

d. That the corporation’s directors may allocate the amount of annual profits they find are necessary for maintenance,

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upkeep, operation and replacements? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

2. Do the bylaws of the organization provide that on dissolution of the organization the corporation’s assets remaining after

discharge of the corporation’s indebtedness shall finally be transferred to an entity that provides a water supply or

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wastewater service, or both, that is exempt from property taxation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

STEP 5: Answer these Questions About the Organization’s Property

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1. Is the organization’s property used to acquire, treat, store, transport, sell or distribute water? . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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2. Is the organization’s property used to provide wastewarer service? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

STEP 6: Describe the Property for Which you are Seeking an Exemption

PROPERTY TO BE EXEMPT

• Attach one Schedule A (REAL PROPERTY) form for EACH parcel of real property to be exempt.

• Attach one Schedule B (PERSONAL PROPERTY) form listing ALL personal property to be exempt.

• List only property owned by the organization.

STEP 7: Read, Sign, and Date

• By signing this application, you designate the property described in the attached Schedules A and B as the property against which the exemption

for nonprofit water supply or wastewater service corporation may be claimed in this appraisal district.

• You certify that the information included in this application is true and correct to the best of your knowledge and belief.

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