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.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1505 - Obligations for Coastal Municipalities for Coastal Matters
Subchapter C. Obligations for Toll Bridges and Other Facilities in Certain Coastal Municipalities
Section 1505.101. Applicability of Subchapter
Section 1505.103. Authority to Issue Obligations for Certain Facilities
Section 1505.104. Authority to Borrow Money
Section 1505.105. Security for Payment of Obligations
Section 1505.106. Obligations Not Payable From Taxes
Section 1505.109. Accounts Required to Be Created by Ordinance
Section 1505.110. Operating Expenses as First Lien
Section 1505.111. Execution of Indenture or Deed of Trust
Section 1505.112. Authority to Remove or Demolish Bridge or Tunnel
Section 1505.113. Conversion of Bridge or Tunnel to Toll Bridge or Tunnel