Tex.
Transp. Code Section 228.053
Revenue
(a)
The department may:(1)
impose tolls for the use of each toll project or system and the different segments or parts of each project or system; and(2)
notwithstanding anything in Chapter 202 (Control of Transportation Assets) to the contrary, contract with a person for the use of part of a toll project or system or lease part of a toll project or system for a gas station, garage, store, hotel, restaurant, railroad tracks, utilities, and telecommunications facilities and equipment and set the terms for the use or lease.(b)
The tolls shall be set so that, at a minimum, the aggregate of tolls from the toll project or system:(1)
provides a fund sufficient with other revenue and contributions, if any, to pay:(A)
the cost of maintaining, repairing, and operating the project or system; and(B)
the principal of and interest on the bonds issued under Subchapter C for the project or system as those bonds become due and payable; and(2)
creates reserves for the purposes listed under Subdivision (1).(c)
The tolls are not subject to supervision or regulation by any other state agency.(d)
The tolls and other revenue derived from the toll project or system for which bonds were issued, except the part necessary to pay the cost of maintenance, repair, and operation and to provide reserves for those costs as may be provided in the order authorizing the issuance of the bonds or in the trust agreement securing the bonds, shall be set aside at regular intervals as may be provided in the order or trust agreement in a sinking fund that is pledged to and charged with the payment of:(1)
interest on the bonds as it becomes due;(2)
principal of the bonds as it becomes due;(3)
necessary charges of paying agents for paying principal and interest; and(4)
the redemption price or the purchase price of bonds retired by call or purchase as provided by the bonds.(e)
Use and disposition of money to the credit of the sinking fund are subject to the order authorizing the issuance of the bonds or to the trust agreement.(f)
The revenue and disbursements for each toll project or system shall be kept separately. The revenue from one project may not be used to pay the cost of another project except as authorized by Sections 228.0055 (Use of Contract Payments and Other Revenue) and 228.006 (Use of Surplus Revenue).(g)
Money in the sinking fund, less the reserve provided by the order or trust agreement, if not used within a reasonable time to purchase bonds for cancellation, shall be applied to the redemption of bonds at the applicable redemption price.
Source:
Section 228.053 — Revenue, https://statutes.capitol.texas.gov/Docs/TN/htm/TN.228.htm#228.053 (accessed Apr. 20, 2024).
