Sec. 366.111.  TURNPIKE REVENUE BONDS.  (a)  An authority, by adoption of a bond resolution, may authorize the issuance of bonds to pay all or part of the cost of a turnpike project or system, to refund any bonds previously issued for the turnpike project or system, or to pay for all or part of the cost of a turnpike project or system that will become a part of another system.
(b)  As determined in the bond resolution, the bonds of each issue shall:
(1)  be dated;
(2)  bear interest at the rate or rates and beginning on the dates, as authorized by law, or bear no interest;
(3)  mature at the time or times, not exceeding 40 years from their date or dates;  and
(4)  be made redeemable before maturity at the price or prices and under the terms provided by the bond resolution.
(c)  An authority may sell the bonds at public or private sale in the manner and for the price it determines to be in the best interest of the authority.
(d)  The proceeds of each bond issue shall be disbursed in the manner and under the restrictions, if any, the authority provides in the bond resolution.
(e)  Additional bonds may be issued in the same manner to pay the costs of a turnpike project or system.  Unless otherwise provided in the bond resolution, the additional bonds shall be on a parity, without preference or priority, with bonds previously issued and payable from the revenue of the turnpike project or system.  In addition, an authority may issue bonds for a turnpike project or system secured by a lien on the revenue of the turnpike project or system subordinate to the lien on the revenue securing other bonds issued for the turnpike project or system.
(f)  If the proceeds of a bond issue exceed the cost of the turnpike project or system for which the bonds were issued, the surplus shall be segregated from the other money of the authority and used only for the purposes specified in the bond resolution.
(g)  Bonds issued and delivered under this chapter and interest coupons on the bonds are a security under Chapter 8, Business & Commerce Code.
(h)  Bonds issued under this chapter and income from the bonds, including any profit made on the sale or transfer of the bonds, are exempt from taxation in this state.
Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.