Texas § TN.367.051 - AUTHORITY TO ACQUIRE TOLL BRIDGE

§ TN.367.051. AUTHORITY TO ACQUIRE TOLL BRIDGE

AUTHORITY TO ACQUIRE TOLL BRIDGE. (a) A municipality may acquire a toll bridge that is located over a section of the Rio Grande that forms the border between this state and the United Mexican States and that is inside or within 15 miles of its municipal boundaries by purchasing: (1) the entire toll bridge; or (2) that part of the toll bridge that is located in this state. (b) The municipality is not required to: (1) give or publish notice of its intent to acquire a toll bridge under this subchapter; or (2) advertise or call for competitive bids in connection with the acquisition of a toll bridge under this subchapter. (c) The municipality may acquire a toll bridge owned by a private corporation by purchasing the toll bridge itself or by purchasing all of the capital stock of the corporation or a sufficient amount of the stock as required by law to dissolve and liquidate the corporation. The municipality may take title to the stock in the name of the municipality or in the name of a trustee for the municipality. After purchasing the stock, the municipality or its trustee shall: (1) vote its shares in the corporation as necessary to vest title to the toll bridge, together with any associated right or property described by Section 367.052 to be acquired in connection with the acquisition of the toll bridge, in the municipality; and (2) immediately dissolve and liquidate the corporation, pay its debts, liabilities, and obligations, wind up its business and affairs, and convey the properties to the municipality. (d) The purchase and acquisition of toll bridge property or stock in a corporation under this section must be made at the price and on the terms agreed on by the owners of the property or stock and the governing body of the municipality. Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.