Texas Administrative Code › Title 43 - TRANSPORTATION › Part 1 - TEXAS DEPARTMENT OF TRANSPORTATION › Chapter 15 - FINANCING AND CONSTRUCTION OF TRANSPORTATION PROJECTS › Subchapter H - TRANSPORTATION CORPORATIONS › Section 15.95 - Toll Project Corporations

Current through Reg. 49, No. 28; July 12, 2024
(a) The commission
				  by order may authorize the creation of a corporation under the Act for the
				  purpose of acting for or on behalf of the commission by developing, financing,
				  designing, constructing, reconstructing, expanding, operating, or maintaining a
				  toll project, as defined by Transportation Code, §
										201.001, or a system
				  of toll projects.
(b) The creation,
				  dissolution, and all powers, duties, and functions of a corporation are
				  governed by the Act and the Nonprofit Corporations Act, Business Organizations
				  Code, Chapter 22, as provided in the Act. The other sections of this subchapter
				  do not apply, except as provided by this section.
(c) A corporation shall submit to the
				  executive director for approval a contract for the development, financing,
				  design, construction, reconstruction, expansion, operation, or maintenance of a
				  project before the execution of the contract. A corporation shall also submit
				  to the executive director for approval all procurement documents associated
				  with such a contract before the issuance of those documents. A corporation may
				  not issue a request for qualifications or request for proposals for the
				  construction, reconstruction, expansion, operation, or maintenance of a project
				  until the corporation is authorized to do so by the commission.
(d) A corporation may enter into an agreement
				  with the department that identifies the responsibilities of each party for the
				  development, financing, design, construction, reconstruction, expansion,
				  operation, or maintenance of a project, and that defines the support to be
				  provided to the corporation by the department.
(e) A corporation may assign a contract,
				  including a contract described in subsection (c) of this section, to another
				  party for the benefit of a creditor, including the holders of bonds, notes, or
				  other obligations issued by the corporation. The department may assign to a
				  corporation a department contract for the design, construction, reconstruction,
				  expansion, operation, or maintenance of a project for which the corporation was
				  created.
(f) A corporation may
				  borrow money and the department may lend money to a corporation pursuant to
				  state law, including making a loan to a corporation under Transportation Code,
				  §
										222.103 to pay
				  for or reimburse project costs. A loan made by the department under this
				  subsection must be approved by the commission but is not subject to Chapter 27,
				  Subchapter E of this title (relating to Financial Assistance for Toll
				  Facilities).
(g) Only a full-time,
				  permanent employee of the department may be appointed or serve as a director of
				  a corporation.
(h) Section
				  15.86 of
				  this subchapter (relating to Conflict of Interest) applies to the directors and
				  employees of a corporation.
(i)
				  Section
				  15.90 of this
				  subchapter (relating to Reports and Audits) applies to a corporation.