Texas Transportation Code

§ 284.011 — TRANSFER OF PROJECT TO DEPARTMENT

TN § 284.011Title 6. ROADWAYS · Part D. ROAD LAWS RELATING TO PARTICULAR COUNTIES · Ch. 284. CAUSEWAYS, BRIDGES, TUNNELS, TURNPIKES, FERRIES, AND HIGHWAYS IN CERTAIN COUNTIES · Art. A. GENERAL PROVISIONS

Statute text

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(a)A county may transfer to the department a project under this chapter 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 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.50, eff. June 14, 2005.