| (a) The commission by order may authorize the creation
of a corporation under the Act for the purpose of acting for or on
behalf of the commission by developing, financing, designing, constructing,
reconstructing, expanding, operating, or maintaining a toll project,
as defined by Transportation Code, §201.001, or a system of toll
projects.
(b) The creation, dissolution, and all powers, duties,
and functions of a corporation are governed by the Act and the Nonprofit
Corporations Act, Business Organizations Code, Chapter 22, as provided
in the Act. The other sections of this subchapter do not apply, except
as provided by this section.
(c) A corporation shall submit to the executive director
for approval a contract for the development, financing, design, construction,
reconstruction, expansion, operation, or maintenance of a project
before the execution of the contract. A corporation shall also submit
to the executive director for approval all procurement documents associated
with such a contract before the issuance of those documents. A corporation
may not issue a request for qualifications or request for proposals
for the construction, reconstruction, expansion, operation, or maintenance
of a project until the corporation is authorized to do so by the commission.
(d) A corporation may enter into an agreement with
the department that identifies the responsibilities of each party
for the development, financing, design, construction, reconstruction,
expansion, operation, or maintenance of a project, and that defines
the support to be provided to the corporation by the department.
(e) A corporation may assign a contract, including
a contract described in subsection (c) of this section, to another
party for the benefit of a creditor, including the holders of bonds,
notes, or other obligations issued by the corporation. The department
may assign to a corporation a department contract for the design,
construction, reconstruction, expansion, operation, or maintenance
of a project for which the corporation was created.
(f) A corporation may borrow money and the department
may lend money to a corporation pursuant to state law, including making
a loan to a corporation under Transportation Code, §222.103 to
pay for or reimburse project costs. A loan made by the department
under this subsection must be approved by the commission but is not
subject to Chapter 27, Subchapter E of this title (relating to Financial
Assistance for Toll Facilities).
(g) Only a full-time, permanent employee of the department
may be appointed or serve as a director of a corporation.
(h) Section 15.86 of this subchapter (relating to Conflict
of Interest) applies to the directors and employees of a corporation.
(i) Section 15.90 of this subchapter (relating to Reports
and Audits) applies to a corporation.
|
