 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
GOVERNMENT CODE |
|
Title 9. PUBLIC SECURITIES |
|
Subtitle I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES |
|
Chapter 1478. ADDITIONAL AUTHORITY FOR CERTAIN COASTAL COUNTIES TO ISSUE ROAD BONDS |
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.