Texas Transportation Code

§ 222.035 — PRIVATE ACTIVITY BONDS

TN § 222.035Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 222. FUNDING AND FEDERAL AID · Art. B. FEDERAL AID

Statute text

(a)In this section, "private activity bond" has the meaning assigned by Section 141(a), Internal Revenue Code of 1986.

(b)If the attorney general makes a determination that the United States Congress has enacted legislation amending the Internal Revenue Code of 1986 to include highway facilities or surface freight transfer facilities among the types of facilities for which private activity bonds may be used:

(1)the determination shall be published in the Texas Register; and

(2)Subsections (d), (e), (f), and (g) take effect on the 30th day after the date on which the attorney general's determination is published in the Texas Register.

(c)The attorney general shall monitor federal legislation for purposes of this section.

(d)The department shall establish and administer a program for private activity bonds issued for highway facilities or surface freight transfer facilities in this state.

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.16, eff. June 14, 2005.