Texas Transportation Code

§ 451.611 — DETERMINATION OF TOTAL AMOUNT OF FINANCIAL OBLIGATIONS OF WITHDRAWN UNIT

TN § 451.611Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 451. METROPOLITAN RAPID TRANSIT AUTHORITIES · Art. M. WITHDRAWAL OF TERRITORY FROM AUTHORITY

Statute text

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(a)The net financial obligation of a withdrawn unit of election to the authority is an amount equal to:

(1)the gross financial obligations of the unit, which is the sum of:

(A)the unit's apportioned share of the authority's outstanding obligations; and

(B)the amount, not computed in Subdivision (1)(A), that is necessary and appropriate to allocate to the unit because of financial obligations of the authority that specifically relate to the unit; minus

(2)the unit's apportioned share of the unencumbered assets of the authority that consist of cash, cash deposits, certificates of deposit, and bonds, stocks, and other negotiable securities.

(b)An authority's outstanding obligations under Subsection (a)(1)(A) is the sum of:

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.