Sec. 1478.005. LIMITATION ON DECLARING CERTAIN FACILITIES PART OF STATE HIGHWAY SYSTEM. (a) Except as provided by Subsection (b), the Texas Transportation Commission may not declare to be a part of the state highway system and maintain and operate free of tolls a facility as to which a county has:
(1) issued bonds under Chapter 284, Transportation Code, for a purpose authorized by that chapter and has secured the payment of those bonds by:
(A) a pledge of the revenue to be derived from the operation of the facility; and
(B) the levy of ad valorem taxes authorized by Section 52, Article III, Texas Constitution; and
(2) issued bonds under this chapter for a purpose authorized by Section 1478.002 that are payable in whole or part from revenue.
(b) Subsection (a) does not apply if:
(1) the bonds issued under this chapter have been paid; or
(2) an amount sufficient to pay the bonds issued under this chapter and interest on those bonds to maturity has been set aside for that purpose in a trust fund for the benefit of the bondholders.
Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.
Section: Previous 1478.001 1478.002 1478.003 1478.004Last modified: September 28, 2016