Tex. Transp. Code § 201.115 · Subchapter C. COMMISSION'S POWERS AND DUTIES
BORROWING MONEY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commission may authorize the department to borrow money from any source to carry out the functions of the department.
(b) A loan under this section may be in the form of an agreement, note, contract, or other form as determined by the commission and may contain any provisions the commission considers appropriate, except:
(1) the term of the loan may not exceed two years;
(2) the amount of the loan, combined with any amounts outstanding on other loans under this section, may not exceed an amount that is two times the average monthly revenue deposited to the state highway fund for the 12 months preceding the month of the loan; and
(3) the loan may not create general obligation of the state and is payable only as authorized by legislative appropriation.
(c) If the department borrows money by the issuance of notes, the notes shall be considered a state security for purposes of Chapter 1231, Government Code.
(d) Notwithstanding Section 222.001, money in the state highway fund may be used to repay a loan under this section, if appropriated by the legislature for that purpose.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1281, Sec. 1, eff. Sept. 13, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.04, eff. June 14, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.201.htm
- Text hash
- sha256 4e13b1ef2820f1df6e9d1719c2490504607c57dda664eaa8ce452785048dfa2c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.