Sec. 472.001.  CONTRACTS BETWEEN CERTAIN GOVERNMENTAL ENTITIES TO ENGAGE IN JOINT PROJECT.  (a)  A state agency, political subdivision, or road district of a county may contract with a transportation corporation created by the commission under Chapter 431 or with another state agency, political subdivision, or road district to jointly pay all or part of the cost of:
(1)  acquiring, designing, constructing, improving, or beautifying a state or local highway, turnpike, road, or street project;
(2)  acquiring an interest in any real property required for or beneficial to the project;  and
(3)  adjusting utilities for the project.
(b)  Costs of a project or payments required under a contract may be met out of bond proceeds, taxes, or other funds available for that purpose.
(c)  A road district of a county or a political subdivision may:
(1)  issue bonds to pay costs of a project if it determines the project will benefit it;  or
(2)  impose taxes in an amount necessary to create a sinking fund for payments required by a contract that provides for payment over a term of years.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.