Sec. 431.107. INCOME OF LOCAL GOVERNMENT CORPORATION. (a) A local government creating a local government corporation is entitled at any time to receive any income earned by the local government corporation that is not needed to pay the corporation's expenses or obligations.
(b) The earnings of a local government corporation may not benefit a private interest.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle I - Transportation Corporations
Chapter 431 - Texas Transportation Corporation Act
Subchapter D. Local Government Corporations
Section 431.101. Creation of Local Government Corporation
Section 431.1015. Corporations of Certain Counties for Toll Projects
Section 431.102. Application of Chapter 394, Local Government Code
Section 431.103. Contracts With Political Subdivisions
Section 431.104. Assumption of Powers and Duties
Section 431.105. Contractual Authority
Section 431.106. Public Safety Rules
Section 431.107. Income of Local Government Corporation
Section 431.108. Governmental Functions
Section 431.109. Contracts for Historically Underutilized Businesses
Section 431.110. Competitive Bidding Exception for Certain Improvements