Tex. Transportation Code § 370.166
This is the official text of Tex. Transportation Code § 370.166, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 370.166. PARTICIPATION PAYMENT FOR REAL PROPERTY.
Official statutory text
(a) As an alternative to paying for an interest in real property or a real property right with a single fixed payment, the authority may, with the owner's consent, pay the owner by means of a participation payment.
(b) A right to receive a participation payment under this section is subordinate to any right to receive a fee as payment on the principal of or interest on a bond that is issued for the construction of the applicable segment.
(c) In this section, "participation payment" means an intangible legal right to receive a percentage of one or more identified fees related to a segment constructed by the authority.
(b) A right to receive a participation payment under this section is subordinate to any right to receive a fee as payment on the principal of or interest on a bond that is issued for the construction of the applicable segment.
(c) In this section, "participation payment" means an intangible legal right to receive a percentage of one or more identified fees related to a segment constructed by the authority.
Status: in_force · Read it on the official government site
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