Texas Transportation Code
§ 201.943 — AUTHORITY TO ISSUE OBLIGATIONS; PURPOSES; LIMITATIONS
TN § 201.943Title 6. ROADWAYS · Part A. TEXAS DEPARTMENT OF TRANSPORTATION · Ch. 201. GENERAL PROVISIONS AND ADMINISTRATION · Art. M. OBLIGATIONS FOR CERTAIN HIGHWAY AND MOBILITY PROJECTS
Statute text
View on source(a)Subject to Subsections (e), (f), (g), (l), and (m), the commission by order or resolution may issue obligations in the name and on behalf of the state and the department and may enter into credit agreements related to the obligations. The obligations may be issued in multiple series and issues from time to time in an aggregate amount not exceeding the maximum obligation amount. The obligations may be issued on and may have the terms and provisions the commission determines appropriate and in the interests of the state. The obligations may be issued as long-term obligations, short-term obligations, or both. The latest scheduled maturity of an issue or series of obligations may not exceed 30 years.
(b)Obligations must be secured by and payable from a pledge of and lien on all or part of the money in the fund. Obligations may be additionally secured by and payable from credit agreements. The commission may pay amounts due on the obligations from discretionary money available to it that is not dedicated to or appropriated for other specific purposes.
(c)The commission may create within the fund accounts, reserves, and subfunds for purposes the commission finds appropriate and necessary in connection with the issuance of obligations.
(d)Obligations may be issued for one or more of the following purposes:
(1)to pay all or part of the costs of constructing, reconstructing, acquiring, and expanding state highways, including any necessary design and acquisition of rights-of-way, in the manner and locations determined by the commission that, according to conclusive findings of the commission, have an expected useful life, without material repair, of not less than 10 years;
(2)to provide participation by the state in the payment of part of the costs of constructing and providing public transportation projects that are determined by the commission to be in the best interests of the state in its major goal of improving the mobility of the residents of the state;
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Legislative history
Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.08, eff. June 14, 2005. Acts 2015, 84th Leg., R.S., Ch. 387 (H.B. 122), Sec. 1, eff. June 10, 2015. Acts 2021, 87th Leg., R.S., Ch. 1029 (H.B. 2219), Sec. 1, eff. June 18, 2021.