Texas Transportation Code
§ 371.101 — TERMINATION FOR CONVENIENCE
TN § 371.101Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 371. COMPREHENSIVE DEVELOPMENT AGREEMENTS FOR HIGHWAY TOLL PROJECTS · Art. C. CONTRACT PROVISIONS
Statute text
View on source(a)A comprehensive development agreement under which a private participant receives the right to operate and collect revenue from a toll project must contain a provision authorizing the toll project entity to terminate the agreement for convenience and to purchase, under terms agreed to by the parties:
(1)the interest of the private participant in the comprehensive development agreement; and
(2)related property, including any interest in a highway or other facility designed, developed, financed, constructed, operated, or maintained under the agreement.
(b)A comprehensive development agreement described by Subsection (a) must include a price breakdown stating a specific price for the purchase of the private participant's interest at specified intervals from the date the toll project opens, of not less than two years and not more than five years, over the term of the agreement.
(c)The provision must authorize the toll project entity to terminate the comprehensive development agreement and to purchase the private participant's interest at any time during a specified interval at the lesser of:
(1)the price stated for that interval; or
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 1234 (S.B. 1730), Sec. 3, eff. September 1, 2013.