Tex.
Transp. Code Section 431.1015
Corporations of Certain Counties for Toll Projects
(a)
Notwithstanding Chapter 284 (Causeways, Bridges, Tunnels, Turnpikes, Ferries, and Highways in Certain Counties) or any other law, a county with a population of more than four million may not create a local government corporation under this chapter to develop, construct, operate, manage, or finance a toll project or system located in the county.(b)
An existing local government corporation created by a county described by Subsection (a) for the purposes described by that subsection:(1)
may not:(A)
undertake any new bonds, notes, or other obligations or extend the terms of any existing bonds, notes, or other obligations; or(B)
enter into any new contracts or extend the terms of any existing contracts; and(2)
must be dissolved when all bonds, notes, and other obligations and contracts of the corporation have been satisfied.(c)
This subsection and Subsection (b) expire on the date that the local government corporation described by Subsection (b) is dissolved.(d)
Notwithstanding any other provision of this chapter, income earned and revenues received by or from a local government corporation created to develop, construct, operate, manage, or finance a toll project or system under Chapter 284 (Causeways, Bridges, Tunnels, Turnpikes, Ferries, and Highways in Certain Counties) may be used only to pay the costs of a turnpike project, as defined by Section 370.003 (Definitions), or a road, street, or highway project as provided for under Section 284.0031 (Other Road, Street, or Highway Projects).(1)
the manner in which a local government corporation is created and dissolved;(2)
the appointment of the board of a local government corporation and the members’ terms of service;(3)
the manner and the conditions under which the board serves; and(4)
the form, execution, approval, filing, and amending of the articles of incorporation and bylaws of a local government corporation.(b)
The property of a local government corporation and a transaction to acquire the property is exempt from taxation in the same manner as a corporation created under Chapter 394 (Housing Finance Corporations in Municipalities and Counties), Local Government Code, except that property of a local government corporation created by a municipal power agency that was created under Subchapter C (Definitions), Chapter 163 (Joint Powers Agencies), Utilities Code, is not exempt from ad valorem taxation if the property is located outside of the boundaries of each of the municipalities that created the municipal power agency.(c)
The requirement of Section 394.021 (Board of Directors)(a), Local Government Code, that all directors must be residents of the local government shall not be applicable to directors of a local government corporation except that a person may not be appointed to the board of a local government corporation if the appointment of that person would result in less than a majority of the board members being residents of the local government.
Source:
Section 431.1015 — Corporations of Certain Counties for Toll Projects, https://statutes.capitol.texas.gov/Docs/TN/htm/TN.431.htm#431.1015 (accessed Apr. 20, 2024).
