Exchange of Bonds For Existing System

Sec. 451.361. EXCHANGE OF BONDS FOR EXISTING SYSTEM. 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. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.