Texas § TN.366.173 - REVENUE

§ TN.366.173. REVENUE

REVENUE. (a) An authority may: (1) impose tolls for the use of each of its turnpike projects and systems and the different parts or sections of each of its turnpike projects and systems; and (2) contract with a person for the use of part of a turnpike project or system or lease or sell part of a turnpike project or system, including the right-of-way adjoining the paved portion, for any purpose, including placing on the adjoining right-of-way a gas station, garage, store, hotel, restaurant, parking facility, railroad track, billboard, livestock pasturage, telephone line or facility, telecommunication line or facility, data transmission line or facility, and electric line or facility, under terms set by the authority. (b) Tolls must be set so that the aggregate of tolls from an authority's turnpike project or system, together with other revenue of the turnpike project or system: (1) provides revenue sufficient to pay: (A) the cost of maintaining, repairing, and operating the turnpike project or system; and (B) the principal of and interest on the bonds issued for the turnpike project or system as those bonds become due and payable; and (2) creates reserves for a purpose listed under Subdivision (1). (c) Tolls are not subject to supervision or regulation by any state agency or other local governmental entity. (d) Tolls and other revenue derived from a turnpike project or system for which bonds are 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 bond proceedings, shall be set aside at regular intervals as may be provided in the bond resolution 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 bond proceedings. (e) Use and disposition of money to the credit of the sinking fund is subject to the bond proceedings. (f) To the extent permitted under the applicable bond proceedings, revenue from one turnpike project of an authority may be used to pay the cost of other turnpike projects of the authority. (g) An authority may not use revenue from its turnpike projects in a manner not authorized by this chapter. Revenue generated from a turnpike project may not be applied for a purpose or to pay a cost other than a cost or purpose that is reasonably related to or anticipated to be for the benefit of a turnpike project. Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.