Sec. 1505.113. CONVERSION OF BRIDGE OR TUNNEL TO TOLL BRIDGE OR TUNNEL. (a) The governing body of a municipality by ordinance may convert a bridge or tunnel to a toll bridge or tunnel if:
(1) the bridge or tunnel is owned or operated by the municipality; and
(2) the governing body finds that it is not necessary or practicable to construct a toll bridge or tunnel under this subchapter.
(b) The governing body, if authorized at the election ordered by the governing body on the issuance of the obligations:
(1) may set and collect tolls for the use of the toll bridge or tunnel in amounts determined by the governing body to be reasonable and sufficient, when combined with other revenue and income from a project, to pay the principal of and interest on obligations issued under this subchapter as they mature; and
(2) shall deposit money received under Subdivision (1) to the credit of the interest and sinking fund account and shall use the money only to pay the principal of and interest on the obligations.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: Previous 1505.106 1505.107 1505.108 1505.109 1505.110 1505.111 1505.112 1505.113 1505.114 1505.115 1505.151 1505.152 1505.153 1505.154 1505.155 NextLast modified: September 28, 2016