Any interest in land acquired by lease or otherwise and used in connection with a park under this chapter may be acquired in the name of the board. The interest may be sold only if:
(1) the sale is made by the titleholder in compliance with the municipal charter or in compliance with Subchapter A, Chapter 263; and
(2) contractual arrangements are made for the retirement of any indebtedness associated with the interest and issued under this chapter.