(a) The commission by order may authorize the creation of a corporation under the Act for the sole purpose of issuing private activity bonds for transportation projects developed or to be developed under comprehensive development agreements (CDA) entered into by the department under Transportation Code, Chapter 223, Subchapter E.
(b) The creation, dissolution, and all powers, duties, and functions of the corporation are governed by the Act and the other sections of this subchapter do not apply, except as provided by this section.
(c) Only a full-time, permanent employee of the department may be appointed or serve as a director of the corporation.
(d) Section 15.86 of this subchapter, relating to conflict of interest, applies to the directors and employees of the corporation.

Source Note: The provisions of this §15.94 adopted to be effective September 18, 2008, 33 TexReg 7750