Texas Transportation Code

§ 370.036 — TRANSFER OF BONDED TURNPIKE PROJECT TO DEPARTMENT

TN § 370.036Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 370. REGIONAL MOBILITY AUTHORITIES · Art. B. CREATION AND POWERS OF REGIONAL MOBILITY AUTHORITIES

Statute text

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(a)An authority may transfer to the department a turnpike project of the authority that has outstanding bonded indebtedness if the commission:

(1)agrees to the transfer; and

(2)agrees to assume the outstanding bonded indebtedness.

(b)The commission may assume the outstanding bonded indebtedness only if the assumption:

(1)is not prohibited under the terms of an existing trust agreement or indenture securing bonds or other obligations issued by the commission for another project;

(2)does not prevent the commission from complying with covenants of the commission under an existing trust agreement or indenture; and

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Legislative history

Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.