CHAPTER 367. MUNICIPAL TOLL BRIDGES OVER RIO GRANDE

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TRANSPORTATION CODE

TITLE 6. ROADWAYS

SUBTITLE G. TURNPIKES AND TOLL PROJECTS

CHAPTER 367. MUNICIPAL TOLL BRIDGES OVER RIO GRANDE

SUBCHAPTER A. GENERAL AUTHORITY RELATING TO TOLL BRIDGES

Sec. 367.001. APPLICABILITY OF SUBCHAPTER. This subchapter

applies only to a municipality any part of the municipal

boundaries of which is within 15 miles of a section of the Rio

Grande that forms the border between this state and the United

Mexican States.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.002. DEFINITION. In this subchapter, "toll bridge"

includes:

(1) any part of the physical property comprising a toll bridge;

(2) a permit, grant, franchise, right, or privilege granted or

extended by the United States, the United Mexican States, or a

state or political subdivision of either nation, for or related

to the construction, maintenance, or operation of a toll bridge,

or to the collection of a toll or charge for use of the toll

bridge;

(3) an interest in real property in either the United States or

the United Mexican States that is held or used for or incident to

the construction, maintenance, or operation of the toll bridge or

an approach to the toll bridge or for the use or occupancy of any

building or other structure, appurtenance, appliance, road or

street, railroad, park, grounds, or convenience or facility of

any kind relating to or incident to the toll bridge;

(4) a building or other structure, appurtenance, appliance,

equipment, convenience, or facility of any kind held or used for

or incident to the construction, maintenance, or operation of the

toll bridge;

(5) a lease or contract of any kind for the use or occupancy of

that real property, building or other structure, convenience,

appliance, or facility; and

(6) any other right or property used for or incident to the

construction, maintenance, or operation of the toll bridge.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.003. AUTHORITY OF MUNICIPALITY IN RELATION TO TOLL

BRIDGE. For any public purpose, a municipality may acquire,

construct, improve, enlarge, equip, operate, or maintain a toll

bridge over a section of the Rio Grande that forms the border

between this state and the United Mexican States.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.004. AUTHORITY OF MUNICIPALITY TO ENTER INTO CONTRACTS.

For the purpose of taking an action authorized by this

subchapter, a municipality may enter into and perform a contract,

agreement, or undertaking required by the United States, the

United Mexican States, or a department, officer, governmental

agency, or public authority of either nation.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.005. AUTHORITY TO ISSUE REVENUE BONDS. To provide

money to acquire, construct, improve, enlarge, or equip a toll

bridge, a part of a toll bridge, or a related building,

structure, or other facility for a public purpose, the governing

body of a municipality may issue revenue bonds that are payable

from and secured by a lien on and pledge of all or any part of

the revenue, income, or receipts the municipality receives from

its ownership and operation of:

(1) a portion of a toll bridge over the Rio Grande; and

(2) any other property, building, structure, activity, or

facility.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.006. INTERIM FINANCING. (a) Pending the issuance of

revenue bonds under this subchapter, a municipality may:

(1) spend, in connection with a toll bridge, money that is not

required by law to be used for another purpose; or

(2) issue notes for an expenditure described by Subdivision (1).

(b) A municipality may use proceeds of revenue bonds issued

under this subchapter to repay money spent under Subsection (a).

characteristic the governing body considers appropriate and:

(1) bear rates of interest, be payable from available sources,

and be secured in the same manner as revenue bonds issued under

this subchapter; or

(2) be payable from:

(A) the proceeds of refunding bonds issued under this

subchapter; or

(B) both revenue bonds and refunding bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.007. MATURITY. A bond issued under this subchapter

must mature not later than 50 years after its date of issuance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.008. PLEDGE OF REVENUE. A municipality may pledge to

the payment of bonds issued under this subchapter, including the

principal of, interest on, and any other amount required or

permitted to be paid in connection with the bonds, all or any

part of its revenue, income, or receipts from:

(1) a toll or charge authorized by Section 367.011; or

(2) another resource.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.009. ADDITIONAL SECURITY. (a) Bonds issued under this

subchapter may be additionally secured by:

(1) a mortgage or deed of trust on any real property owned by

the municipality; or

(2) a chattel mortgage or lien on any personal property

appurtenant to that real property.

(b) The governing body of the municipality may authorize the

execution of a trust indenture, mortgage, deed of trust, or other

form of encumbrance as evidence of the debt.

or part of any grant, donation, revenue, or income received or to

be received from the United States or any other public or private

source whether under an agreement or otherwise.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.010. ADDITIONAL BONDS. An ordinance authorizing the

issuance of bonds under this subchapter may provide for the

subsequent issuance of additional parity or subordinate lien

bonds under terms specified in the ordinance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.011. TOLLS AND CHARGES. (a) The governing body of a

municipality may impose and collect tolls and other charges for

the use or availability of a toll bridge of the municipality.

(b) The governing body of the municipality shall impose and

collect pledged tolls and charges in an amount that will be at

least sufficient, with any other pledged resource, to provide for

the payment of:

(1) principal of and interest on and any other amount required

to be paid in connection with the bonds; and

(2) to the extent required by the ordinance authorizing issuance

of the bonds:

(A) expenses incurred in connection with the bonds; and

(B) operation, maintenance, and other expenses in connection

with the toll bridge.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.012. PUBLIC PURPOSE. The acquisition, construction,

improvement, enlargement, or equipment by a municipality of

property or a building, structure, or other facility for lease to

the United States for use in performing a federal governmental

function in the municipality or at or near and relating to a toll

bridge of the municipality is a public purpose and a proper

municipal function, regardless of whether the toll bridge or the

federal facility relating to the toll bridge is located inside or

outside the municipality.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.013. LEASE OR RENTAL OF FACILITY TO UNITED STATES. A

municipality may lease or rent to the United States property or a

building, structure, or other facility acquired, constructed,

improved, enlarged, or equipped in whole or in part with proceeds

from the sale of bonds issued under this subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.014. REFUNDING BONDS AND NOTES. (a) A municipality

may refund or otherwise refinance bonds or notes issued under

this subchapter by issuing refunding bonds under any terms

provided by ordinance of the governing body of the municipality.

(b) All appropriate provisions of this subchapter apply to the

refunding bonds. The refunding bonds shall be issued in the

manner provided by this subchapter for other bonds.

sufficient to pay the principal of and interest and any

redemption premium on the bonds or notes to be refunded, at

maturity or on any redemption date.

(d) The refunding bonds may be issued to be exchanged for the

bonds or notes to be refunded. In that case, the comptroller

shall register the refunding bonds and deliver them to the holder

of the bonds or notes to be refunded as provided by the ordinance

authorizing the refunding bonds. The exchange may be made in one

delivery or in installment deliveries.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.015. SALE OF BONDS OR NOTES. A municipality may sell

bonds or notes issued under this subchapter in the manner and on

the terms provided by the ordinance authorizing the issuance of

the bonds or notes.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.016. BONDS AND NOTES NOT PAYABLE FROM TAXES. A bond or

note issued under this subchapter:

(1) is payable only from the revenue or another resource of the

municipality; and

(2) is not a tax obligation of the municipality.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.017. CONFLICT OR INCONSISTENCY WITH OTHER LAW. When

bonds or notes are being issued under this subchapter, to the

extent of any conflict or inconsistency between this subchapter

and another law, this subchapter controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

SUBCHAPTER B. ACQUIRING EXISTING BRIDGE; BUILDING REPLACEMENT OR

ADDITIONAL BRIDGE

Sec. 367.051. 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.

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.

Sec. 367.052. RIGHTS AND PROPERTIES ASSOCIATED WITH TOLL BRIDGE.

When a municipality acquires a toll bridge under Section

367.051, the municipality may, as determined by the governing

body of the municipality, acquire any or all of the following

items in connection with the toll bridge:

(1) a permit, grant, franchise, right, or privilege granted or

extended by the United States, the United Mexican States, or a

department, officer, agency, governmental authority, state,

municipality, or political subdivision of either nation, for or

related to the construction, maintenance, or operation of the

toll bridge or the collection of a toll or charge for the use of

the toll bridge;

(2) an interest in real property in either the United States or

the United Mexican States that is held or used for or incident to

the construction, maintenance, or operation of the toll bridge or

an approach to it, or for the use or occupancy of any building or

other structure, appurtenance, appliance, road or street, park,

grounds, or convenience or facility of any kind relating to or

incident to the construction, maintenance, or operation of the

toll bridge;

(3) a building or other structure, appurtenance, appliance,

equipment, convenience, or facility of any kind held or used for

or incident to the construction, maintenance, or operation of the

toll bridge;

(4) a lease or contract of any kind for the use or occupancy of

that real property or a building or other structure, convenience,

appliance, or facility; or

(5) any other right or property used for or incident to the

construction, maintenance, or operation of the toll bridge.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.053. LIBERAL CONSTRUCTION. This subchapter shall be

liberally construed to effect its purposes.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.054. POWERS TO BE EXERCISED BY ORDINANCE; ELECTION NOT

REQUIRED. (a) The governing body of a municipality may exercise

a power, right, privilege, or function conferred by this

subchapter on the municipality only by adopting an ordinance to

authorize the action.

(b) A referendum or election by the voters of the municipality

is not necessary to authorize:

(1) the adoption of an ordinance under Subsection (a); or

(2) the taking of an action to accomplish a purpose of this

subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.055. GENERAL POWERS OF MUNICIPALITY ACQUIRING TOLL

BRIDGE. (a) A municipality that acquires a toll bridge under

this subchapter may:

(1) maintain, operate, own, hold, control, repair, improve,

extend, or replace the toll bridge;

(2) renew or extend an existing franchise and obtain a new or

additional franchise for the bridge; and

(3) take any action required for maintaining or operating the

bridge, conducting the bridge's business, or providing services

to the public and to the users of the bridge.

(b) To accomplish the purposes of this section the municipality

may enter into and perform a contract, agreement, or undertaking

of any kind required by the United States or the United Mexican

States or a department, officer, governmental agency, or public

authority of either nation.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.056. RECREATIONAL FACILITIES. (a) In connection with

the maintenance and operation of the toll bridge, a municipality

may acquire real property that is either inside or outside the

municipal boundaries and that is adjacent to the toll bridge or

the municipality to construct, maintain, or operate a park,

recreational grounds or facilities, a camp, quarters,

accommodations, or other facility for the use and convenience of

the public.

(b) The municipality may manage, police, and regulate those

facilities and may adopt and enforce reasonable rules for those

facilities without regard to whether the toll bridge is located

inside or outside the municipality.

collect a fee, rental, or other charge for the use of a facility

established under this section. The charge must be just,

reasonable, and nondiscriminatory.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.057. TOLLS AND CHARGES. (a) A municipality that

acquires a toll bridge under this subchapter or that owns or

controls an international toll bridge may impose tolls and other

charges for the use of the bridge and for the transportation of

persons or property, including passengers, vehicles, or freight

and commodities, over the bridge.

(b) In accordance with any applicable permit or franchise

granted by a governmental authority, the tolls and other charges

must be just, reasonable, nondiscriminatory, and sufficient to

provide revenue in an amount that is sufficient to:

(1) pay all expenses necessary to maintain and operate the toll

bridge;

(2) make necessary payments and comply with any applicable

permit or franchise;

(3) pay when due the principal of and interest on all bonds or

warrants issued under this subchapter;

(4) pay when due all sinking fund or reserve fund payments

agreed to be made in connection with bonds or warrants issued

under this subchapter and payable from that revenue;

(5) comply with any agreement made with the holders of bonds or

warrants issued under this subchapter or with any person on

behalf of those holders; and

(6) recover a reasonable rate of return on invested capital.

received under this section in excess of the amount required by

Subsection (b) to:

(1) establish a reasonable depreciation and emergency fund;

(2) retire by purchase and cancellation or by redemption any

outstanding bonds or warrants issued under this subchapter;

(3) provide necessary budgetary support to local government for

public purposes and the general welfare; or

(4) accomplish the purposes of this subchapter.

(d) This subchapter does not deprive this state, the United

States, or an agency with jurisdiction of its power:

(1) to regulate or control tolls and other charges to be

collected for a purpose listed in Subsection (b) or (c); or

(2) to provide for bridges over the river that will be used free

of any tolls or charges.

(e) Until bonds or warrants issued under this subchapter have

been paid and discharged, including all interest on the bonds or

warrants, interest on unpaid interest installments on the bonds

or warrants, other costs or expenses incurred in connection with

any acts or proceedings taken by or on behalf of the holders of

the bonds or warrants, and all other obligations of the

municipality incurred in connection with the bonds or warrants:

(1) the municipality may not provide free use of the toll bridge

to any person; and

(2) this state pledges to and agrees with the purchasers and

successive holders of the bonds or warrants that it will not:

(A) limit or alter the power of a municipality to impose tolls

and other charges under this section sufficient to pay the items

listed in Subsection (b) or (c); or

(B) take any action that will impair the rights or remedies of

the holders of the bonds or warrants or of persons acting on

their behalf.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.058. AUTHORITY TO BORROW MONEY OR ACCEPT FEDERAL

ASSISTANCE. (a) To accomplish the purposes of this subchapter,

a municipality may:

(1) borrow money from any person or corporation; or

(2) borrow money or accept grants from the United States or a

corporation or agency created by or authorized to act as an

agency of the United States.

(b) In connection with a loan or grant under Subsection (a)(2),

a municipality may enter into any related agreement that the

United States, corporation, or agency requires.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.059. AUTHORITY TO ISSUE REVENUE BONDS. (a) The

governing body of a municipality may issue, sell, and deliver

revenue bonds to accomplish the purposes of this subchapter. The

municipality may use the bonds or the proceeds of the sale of the

bonds to acquire all or part of a toll bridge under this

subchapter or may exchange the bonds for property to accomplish

the purposes of this subchapter.

(b) The governing body may issue the bonds and use a bond or

bond proceeds as provided by this subchapter without:

(1) giving or publishing notice of the municipality's intent to

take that action; or

(2) advertising or calling for competitive bids in connection

with that action.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.060. BONDS AND WARRANTS NOT PAYABLE FROM TAXES. (a)

Bonds and warrants issued under this subchapter are not a debt of

the municipality that issues them and are a charge only against:

(1) the pledged revenues of the toll bridge; and

(2) the property comprising the toll bridge, if a lien is given

on that property.

(b) A bond or warrant issued under this subchapter must include

substantially the following provision: "The holder of this

obligation is not entitled to demand payment of this obligation

out of any money raised by taxation."

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.061. MORTGAGE OR PLEDGE OF REVENUE TO SECURE BONDS. To

accomplish any purpose of this subchapter, the governing body of

a municipality may with respect to bonds issued under this

subchapter:

(1) mortgage or pledge all or part of:

(A) any interest in a toll bridge of the municipality, together

with any associated right or property described by Section

367.052, or any other property acquired or to be acquired with

the bonds or the proceeds of the sale of the bonds; or

(B) the net or gross revenue of any property described by

Paragraph (A);

(2) secure the payment of the principal of and interest on the

bonds and of the sinking fund and reserve fund agreed to be

established in connection with the bonds; and

(3) enter into any covenant or agreement with the purchasers of

the bonds or any person on behalf of those purchasers with

respect to the bonds to:

(A) secure the payments described by Subdivision (2); and

(B) provide rights and remedies to the purchasers or holders of

the bonds or any person on their behalf.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.062. MATURITY. The governing body of a municipality

shall determine the maturity of bonds issued under this

subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.063. SALE OR EXCHANGE OF BONDS. A bond issued under

this subchapter may be:

(1) sold for cash at a public or private sale;

(2) issued in exchange for property of any kind or an interest

in property of any kind, as the governing body of the

municipality determines is necessary and proper to accomplish a

purpose of this subchapter; or

(3) issued in exchange for a matured or unmatured bond of the

same issue and in the same principal amount.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.064. DEPOSIT OF PROCEEDS. The proceeds of the sale of

bonds sold for cash shall be deposited and paid out under the

terms that are agreed to by the governing body of the

municipality and the purchasers of the bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.065. AUTHORITY TO ISSUE BONDS OR WARRANTS TO REPAIR,

IMPROVE, OR BUILD TOLL BRIDGE. (a) A municipality that has

acquired a toll bridge under this subchapter may issue and

deliver revenue bonds or revenue time warrants:

(1) to repair, improve, alter, reconstruct, or replace the

bridge;

(2) to build an additional bridge; or

(3) for one or more of those purposes.

(b) The municipality shall issue the bonds or warrants:

(1) in the manner prescribed by this subchapter; and

(2) subject to any restriction in an ordinance authorizing or a

deed of indenture securing the original or a subsequent issue of

toll bridge bonds or warrants.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.066. TAX EXEMPTIONS. Bonds issued under this

subchapter are exempt from taxation by this state or a

municipality or other political subdivision of this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.067. LIMITATIONS ON MUNICIPAL AUTHORITY. This

subchapter does not authorize a municipality to:

(1) impose or collect a tax or assessment or pledge the credit

of this state; or

(2) issue, sell, or deliver a bond, create an obligation, incur

a liability, or enter an agreement to be paid, performed, met, or

discharged using any tax or assessment.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.068. APPLICABILITY OF AND CONFLICTS WITH OTHER LAW.

(a) Sections 252.046, 252.047, and 252.048, Local Government

Code, and Subchapter B, Chapter 1502, Government Code, apply,

except as provided by Section 367.051, Section 367.059, or

another provision of this subchapter, to:

(1) the purchase of a toll bridge under this subchapter;

(2) the issuance, sale, or delivery of bonds under this

subchapter;

(3) the manner of securing payment of the bonds;

(4) the enforcement of the obligations relating to the bonds;

(5) the rights and remedies of the owners or holders of the

bonds or of any person acting on their behalf;

(6) the maintenance or operation of property acquired under this

subchapter; and

(7) the accomplishment of any other purpose of this subchapter.

(b) To the extent of a conflict between this subchapter and

another law, this subchapter controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 43, eff.

Sept. 1, 1999.

SUBCHAPTER C. BONDS FOR REPAIR OR IMPROVEMENT OF TOLL BRIDGE

Sec. 367.101. APPLICABILITY OF SUBCHAPTER. This subchapter

applies only to a municipality that owns that portion of an

international toll bridge over the Rio Grande that is located in

the United States.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.102. AUTHORITY TO ISSUE REVENUE BONDS. The

municipality may, in compliance with Subtitles A, C, D, and E,

Title 9, Government Code, issue bonds payable from the net

revenue derived from the operation of the bridge to:

(1) repair or improve the bridge;

(2) acquire an approach to the bridge; or

(3) construct a building to be used in connection with the

bridge.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

Sec. 367.103. ADDITIONAL BONDS. (a) The municipality may issue

additional revenue bonds to the extent permitted or authorized by

the provisions of or the proceedings relating to outstanding

bonds that are payable from the net revenue from the operation of

the bridge, including any trust indenture securing the

outstanding bonds.

(b) As permitted or authorized by those provisions and

proceedings, the additional bonds may be secured by a pledge of

and lien on the net revenue that are:

(1) junior to the pledge and lien securing the outstanding

bonds; or

(2) on a parity with the outstanding bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1,

1999.

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