Texas Transportation Code - Section 370.166. Participation Payment For Real Property
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Texas Laws > Transportation Code > Texas Transportation Code - Section 370.166. Participation Payment For Real Property
§ 370.166. PARTICIPATION PAYMENT FOR REAL PROPERTY. (a)
As an alternative to paying for an interest in real property or a
real property right with a single fixed payment, the authority may,
with the owner's consent, pay the owner by means of a participation
payment.
(b) A right to receive a participation payment under this
section is subordinate to any right to receive a fee as payment on
the principal of or interest on a bond that is issued for the
construction of the applicable segment.
(c) In this section, "participation payment" means an
intangible legal right to receive a percentage of one or more
identified fees related to a segment constructed by the authority.
Added by Acts 2003, 78th Leg., ch. 1325, § 2.01, eff. June 21,
2003.
Section: 370.117 370.118 370.161 370.162 370.163 370.164 370.165 370.166 370.167 370.168 370.169 370.170 370.171 370.172 370.173
Last modified: August 11, 2007
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