Texas Transportation Code
§ 457.355 — PROCEDURE AFTER WITHDRAWAL ELECTION
TN § 457.355Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 457. COUNTY MASS TRANSIT AUTHORITY · Art. H. DISSOLUTION OF AUTHORITY; WITHDRAWAL OF UNIT OF ELECTION
Statute text
View on source(a)Until the amount of revenue from an authority's sales and use tax collected in a withdrawn unit of election after the effective date of withdrawal and paid to the authority equals the total financial obligation of the unit, the sales and use tax continues to be collected in the territory of the election unit.
(b)After the amount described by Subsection (a) has been collected, the comptroller shall discontinue collecting the tax in the territory of the unit of election.
(c)The total financial obligation of a withdrawn unit of election to the authority is an amount equal to:
(1)the unit's apportioned share of the authority's outstanding obligations; and
(2)the amount, not computed under Subdivision (1), that is necessary and appropriate to allocate to the unit because of financial obligations of the authority that specifically relate to the unit.
(d)An authority's outstanding obligation under Subsection (c)(1) is the sum of:
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Legislative history
Added by Acts 1997, 75th Leg., ch. 165, Sec. 30.35(a), eff. Sept. 1, 1997.