Texas Transportation Code 431.065 – Contributions; Expenses
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(a) A corporation may receive:
(1) a contribution of real property for a right-of-way; and
(2) a cash donation for:
(A) the purchase of a right-of-way; or
(B) the design or construction of a transportation facility or system.
(b) A corporation may establish a formula to determine the amount of cash donations from affected property owners and others necessary to cover the cost of a service to be performed by the corporation or its consultants.
Terms Used In Texas Transportation Code 431.065
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) A corporation may borrow money to meet any expense or need associated with the regular operation of the corporation or a particular transportation project.