Sec. 364.054.  TAX EXEMPTIONS;  PAYMENTS IN LIEU OF TAXES.  (a)  A county carrying out this chapter may not be required to pay an assessment on property acquired under this chapter.
(b)  Bonds issued under this chapter, the transfer of those bonds, and income from those bonds, including profits from their sale, are exempt from taxation in this state.
(c)  A county that purchases a toll bridge under this chapter from a private owner may make payments, in amounts determined by the commissioners court, in lieu of ad valorem taxes previously paid by the owner to any common or independent school district in which the property is located.  The payments are considered operating expenses of the toll bridge for purposes of this chapter.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.