Tex. Transp. Code § 228.109 · Subchapter C. TOLL REVENUE BONDS
TRUST AGREEMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Bonds issued under this subchapter may be secured by a trust agreement between the commission and a corporate trustee that is a trust company or a bank that has the powers of a trust company.
(b) A trust agreement may pledge or assign the tolls and other revenue to be received but may not convey or mortgage any part of a toll project or system.
(c) A trust agreement may not evidence a pledge of the revenue of a toll project or system except:
(1) to pay the cost of maintaining, repairing, and operating the project or system;
(2) to pay the principal of, interest on, and any redemption premium on the bonds as they become due and payable;
(3) to create and maintain reserves for the purposes described by Subdivisions (1) and (2), as prescribed by Section 228.053; and
(4) as otherwise provided by law.
(d) Notwithstanding Subsection (c), surplus revenue may be used for a transportation or air quality project as authorized by Section 228.006.
(e) A trust agreement may:
(1) set forth the rights and remedies of the bondholders and the trustee;
(2) restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing corporate bonds and debentures; and
(3) contain provisions the commission determines reasonable and proper for the security of the bondholders.
(f) The expenses incurred in carrying out a trust agreement may be treated as part of the cost of operating the toll project or system.
Notes and commentary — not statutory text
History
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1995, 74th Leg., ch. 872, Sec. 2.08, eff. Sept. 1, 1995; Acts 2003, 78th Leg., ch. 312, Sec. 27, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 1325, Sec. 15.28, eff. June 21, 2003.
Transferred from Transportation Code, Section 361.176 and amended by Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.42, 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.228.htm
- Text hash
- sha256 036d3f8a2287fd5132d891a0d5bf90e8a3cfb0a28518f2ff202c4ea365444544
- 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
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