Sec. 370.036. TRANSFER OF BONDED TURNPIKE PROJECT TO DEPARTMENT. (a) An authority may transfer to the department a turnpike project of the authority that has outstanding bonded indebtedness if the commission:
(1) agrees to the transfer; and
(2) agrees to assume the outstanding bonded indebtedness.
(b) The commission may assume the outstanding bonded indebtedness only if the assumption:
(1) is not prohibited under the terms of an existing trust agreement or indenture securing bonds or other obligations issued by the commission for another project;
(2) does not prevent the commission from complying with covenants of the commission under an existing trust agreement or indenture; and
(3) does not cause a rating agency maintaining a rating on outstanding obligations of the commission to lower the existing rating.
(c) If the commission agrees to the transfer under Subsection (a), the authority shall convey the turnpike project and any real property acquired to construct or operate the turnpike project to the department.
(d) At the time of a conveyance under this section, the commission shall designate the turnpike project as part of the state highway system. After the designation, the authority has no liability, responsibility, or duty to maintain or operate the transferred turnpike project.
Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 370 - Regional Mobility Authorities
Subchapter B. Creation and Powers of Regional Mobility Authorities
Section 370.031. Creation of a Regional Mobility Authority
Section 370.0311. Certain Municipalities
Section 370.0315. Addition and Withdrawal of Counties
Section 370.032. Nature of Regional Mobility Authority
Section 370.033. General Powers
Section 370.034. Establishment of Transportation Systems
Section 370.036. Transfer of Bonded Turnpike Project to Department
Section 370.037. Transfer of Ferry Connecting State Highways
Section 370.038. Commission Rules
Section 370.039. Transfer of Transportation Project or System