Texas Transportation Code

§ 228.102 — ISSUANCE OF BONDS

TN § 228.102Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 228. STATE HIGHWAY TOLL PROJECTS · Art. C. TOLL REVENUE BONDS

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(a)The commission by order may authorize the issuance of toll revenue bonds to pay all or part of the cost of a toll project or system. The proceeds of a bond issue may be used solely for the payment of the project or system for which the bonds were issued and may not be divided between or among two or more projects. Each project is a separate undertaking, the cost of which shall be determined separately.

(b)As determined in the order authorizing the issuance, the bonds of each issue shall:

(1)be dated;

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

(3)mature at the time or times provided by the order, 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 order.

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