Texas Transportation Code 370.166 – Participation Payment for Real Property
Current as of: 2023 | Check for updates
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(a) As an alternative to paying for an interest in real property or a real property right with a single fixed payment, the authority may, with the owner’s consent, pay the owner by means of a participation payment.
(b) A right to receive a participation payment under this section is subordinate to any right to receive a fee as payment on the principal of or interest on a bond that is issued for the construction of the applicable segment.
Terms Used In Texas Transportation Code 370.166
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) In this section, “participation payment” means an intangible legal right to receive a percentage of one or more identified fees related to a segment constructed by the authority.