Tex. Transportation Code § 463.211: EXCHANGE OF BONDS FOR EXISTING SYSTEM.

An authority's revenue bonds may be exchanged, instead of cash, for the property of all or part of an existing public transportation system to be acquired by the authority. If the property is owned by a corporation that will dissolve simultaneously with the exchange, the authority may acquire the stock of the corporation.

Added by Acts 2019, 86th Leg., R.S., Ch. 151 (H.B. 71), Sec. 1, eff. May 24, 2019.