Tex. Transp. Code § 451.361
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
An authority's revenue bonds may be exchanged, in lieu of cash, for the property of all or part of an existing transit authority 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.
Tex. Transp. Code § 451.361