Texas Transportation Code

§ 367.103 — ADDITIONAL BONDS

TN § 367.103Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 367. MUNICIPAL TOLL BRIDGES OVER RIO GRANDE · Art. C. BONDS FOR REPAIR OR IMPROVEMENT OF TOLL BRIDGE

Statute text

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(a)The municipality may issue additional revenue bonds to the extent permitted or authorized by the provisions of or the proceedings relating to outstanding bonds that are payable from the net revenue from the operation of the bridge, including any trust indenture securing the outstanding bonds.

(b)As permitted or authorized by those provisions and proceedings, the additional bonds may be secured by a pledge of and lien on the net revenue that are:

(1)junior to the pledge and lien securing the outstanding bonds; or

(2)on a parity with the outstanding bonds.

Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.