Sec. 364.054. TAX EXEMPTIONS; PAYMENTS IN LIEU OF TAXES. (a) A county carrying out this chapter may not be required to pay an assessment on property acquired under this chapter.
(b) Bonds issued under this chapter, the transfer of those bonds, and income from those bonds, including profits from their sale, are exempt from taxation in this state.
(c) A county that purchases a toll bridge under this chapter from a private owner may make payments, in amounts determined by the commissioners court, in lieu of ad valorem taxes previously paid by the owner to any common or independent school district in which the property is located. The payments are considered operating expenses of the toll bridge for purposes of this chapter.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 364 - Toll Bridges in Counties Bordering the Rio Grande
Subchapter C. Bonds and Finances
Section 364.042. Authority to Borrow Money or Accept Federal Assistance
Section 364.043. Authority to Issue Bonds
Section 364.044. Revenue Bonds
Section 364.046. Mortgage or Pledge of Revenue to Secure Bonds
Section 364.047. Additional Bonds
Section 364.048. Terms of Bonds; Negotiability
Section 364.049. Sale or Exchange of Bonds
Section 364.050. Trust Indenture
Section 364.051. Depository of Bond Proceeds and Other Revenue
Section 364.052. Rights of Bondholders; Receivers
Section 364.053. Refunding Bonds
Section 364.054. Tax Exemptions; Payments in Lieu of Taxes