Texas Transportation Code

§ 451.361 — EXCHANGE OF BONDS FOR EXISTING SYSTEM

TN § 451.361Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 451. METROPOLITAN RAPID TRANSIT AUTHORITIES · Art. H. BONDS

Statute text

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An authority's revenue bonds may be exchanged, in lieu of cash, for the property of all or part of an existing transit authority system to be acquired by the authority. If the property is owned by a corporation that will dissolve simultaneously with the exchange, the authority may acquire the stock of the corporation.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.