Texas Transportation Code
§ 222.004 — ISSUANCE OF GENERAL OBLIGATION BONDS FOR HIGHWAY IMPROVEMENT PROJECTS
TN § 222.004Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 222. FUNDING AND FEDERAL AID · Art. A. GENERAL PROVISIONS
Statute text
View on source(a)In this section:
(1)"Bonds" means bonds, notes, and other public securities.
(2)"Credit agreement" has the meaning assigned by Section 1371.001, Government Code.
(3)"Improvement" includes acquisition of the highway, construction, reconstruction, and major maintenance, including any necessary design, and the acquisition of rights-of-way.
(b)The commission by order or resolution may issue general obligation bonds for the purposes provided in this section. The aggregate principal amount of the bonds that are issued may not exceed the amount specified by Section 49-p(a), Article III, Texas Constitution.
(c)The commission may enter into credit agreements relating to the bonds. A credit agreement entered into under this section may be secured by and payable from the same sources as the bonds.
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Legislative history
Added by Acts 2009, 81st Leg., 1st C.S., Ch. 1 (H.B. 1), Sec. 1, eff. July 10, 2009.