Texas Transportation Code - Section 284.011. Transfer Of Project To Department
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§ 284.011. TRANSFER OF PROJECT TO DEPARTMENT.
Text of section as added by Acts 2005, 79th Leg., ch. 281, § 2.50
(a) A county may transfer to the department a project under
this chapter that has outstanding bonded indebtedness if the
commission:
(1) agrees to the transfer; and
(2) agrees to assume the outstanding bonded
indebtedness.
(b) The commission may assume the outstanding bonded
indebtedness only if the assumption:
(1) is not prohibited under the terms of an existing
trust agreement or indenture securing bonds or other obligations
issued by the commission for another project;
(2) does not prevent the commission from complying
with covenants of the commission under an existing trust agreement
or indenture; and
(3) does not cause a rating agency maintaining a
rating on outstanding obligations of the commission to lower the
existing rating.
(c) If the commission agrees to the transfer under
Subsection (a), the county shall convey the project and any real
property acquired to construct or operate the project to the
department.
(d) At the time of a conveyance under this section, the
commission shall designate the project as part of the state highway
system. After the designation, the county has no liability,
responsibility, or duty to maintain or operate the project.
Added by Acts 2005, 79th Leg., ch. 281, § 2.50, eff. June 14,
2005.
For text of section as added by Acts 2005, 79th Leg., ch. 877, §
4, see § 284.011, post.
Section: 284.002 284.003 284.004 284.005 284.006 284.007 284.008 284.011 284.011 284.012 284.031 284.032 284.033 284.034 284.035
Last modified: August 10, 2007
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