Texas Transportation Code 431.1015 – Corporations of Certain Counties for Toll Projects
(a) Notwithstanding Chapter 284 or any other law, a county with a population of more than four million may not create a local government corporation under this chapter to develop, construct, operate, manage, or finance a toll project or system located in the county.
(b) An existing local government corporation created by a county described by Subsection (a) for the purposes described by that subsection:
(1) may not:
(A) undertake any new bonds, notes, or other obligations or extend the terms of any existing bonds, notes, or other obligations; or
(B) enter into any new contracts or extend the terms of any existing contracts; and
(2) must be dissolved when all bonds, notes, and other obligations and contracts of the corporation have been satisfied.
Terms Used In Texas Transportation Code 431.1015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
(c) This subsection and Subsection (b) expire on the date that the local government corporation described by Subsection (b) is dissolved.
(d) Notwithstanding any other provision of this chapter, income earned and revenues received by or from a local government corporation created to develop, construct, operate, manage, or finance a toll project or system under Chapter 284 may be used only to pay the costs of a turnpike project, as defined by Section 370.003, or a road, street, or highway project as provided for under Section 284.0031.
For expiration of Subsections (b) and (c), see Subsection (c).
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