Texas Transportation Code

§ 366.111 — TURNPIKE REVENUE BONDS

TN § 366.111Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 366. REGIONAL TOLLWAY AUTHORITIES · Art. D. TURNPIKE FINANCING

Statute text

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(a)An authority, by adoption of a bond resolution, may authorize the issuance of bonds to pay all or part of the cost of a turnpike project or system, to refund any bonds previously issued for the turnpike project or system, or to pay for all or part of the cost of a turnpike project or system that will become a part of another system.

(b)As determined in the bond resolution, the bonds of each issue shall:

(1)be dated;

(2)bear interest at the rate or rates and beginning on the dates, as authorized by law, or bear no interest;

(3)mature at the time or times, not exceeding 40 years from their date or dates; and

(4)be made redeemable before maturity at the price or prices and under the terms provided by the bond resolution.

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Legislative history

Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.