Texas Transportation Code

§ 228.109 — TRUST AGREEMENT

TN § 228.109Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 228. STATE HIGHWAY TOLL PROJECTS · Art. C. TOLL REVENUE BONDS

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(a)Bonds issued under this subchapter may be secured by a trust agreement between the commission and a corporate trustee that is a trust company or a bank that has the powers of a trust company.

(b)A trust agreement may pledge or assign the tolls and other revenue to be received but may not convey or mortgage any part of a toll project or system.

(c)A trust agreement may not evidence a pledge of the revenue of a toll project or system except:

(1)to pay the cost of maintaining, repairing, and operating the project or system;

(2)to pay the principal of, interest on, and any redemption premium on the bonds as they become due and payable;

(3)to create and maintain reserves for the purposes described by Subdivisions (1) and (2), as prescribed by Section 228.053; and

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