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Texas Transportation Code - Section 283.104. Operation And Maintenance Of Project

Legal Research Home > Texas Lawyer > Transportation Code > Texas Transportation Code - Section 283.104. Operation And Maintenance Of Project

§ 283.104. OPERATION AND MAINTENANCE OF PROJECT.  (a) The 
commission may: 
		(1)  agree with a county to operate, maintain, or 
contribute to the maintenance costs of a project if the agreement is 
not inconsistent with the rights of the bondholders;
		(2)  lease a project from a county under terms that are 
agreed to by the county and that are not inconsistent with the bond 
instrument;  and
		(3)  declare or operate all or part of a project as part 
of the state highway system only if the property and contract rights 
in the project and in the bonds are not unfavorably affected.
	(b)  The project shall become part of the state highway 
system and the commission shall maintain the project free of tolls 
when:
		(1)  the principal and interest due on the bonds are 
paid;  or              
		(2)  a sufficient reserve to pay the principal and 
interest due on the bonds until maturity has been deposited in an 
irrevocable trust fund for the benefit of the bondholders.

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

Last modified: August 10, 2007