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Texas Transportation Code - TRANSP § 201.115. Borrowing Money

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commission may authorize the department to borrow money from any source to carry out the functions of the department.

(b) A loan under this section may be in the form of an agreement, note, contract, or other form as determined by the commission and may contain any provisions the commission considers appropriate, except:

(1) the term of the loan may not exceed two years;

(2) the amount of the loan, combined with any amounts outstanding on other loans under this section, may not exceed an amount that is two times the average monthly revenue deposited to the state highway fund for the 12 months preceding the month of the loan;  and

(3) the loan may not create general obligation of the state and is payable only as authorized by legislative appropriation.

(c) If the department borrows money by the issuance of notes, the notes shall be considered a state security for purposes of Chapter 1231, Government Code.

(d) Notwithstanding Section 222.001, money in the state highway fund may be used to repay a loan under this section, if appropriated by the legislature for that purpose.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 201.115. Borrowing Money - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-201-115/

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