TRANSFER OF ASSETS

(a) A county, acting through the commissioners court of the county, may submit a request to the commission for authorization to create a regional mobility authority under Chapter 370 and to transfer all projects under this chapter to the regional mobility authority if: (1) the creation of the regional mobility authority and transfer of projects is not prohibited under the bond proceedings applicable to the projects; (2) adequate provision has been made for the assumption by the regional mobility authority of all debts, obligations, and liabilities of the county arising out of the transferred projects; and (3) the commissioners courts of any additional counties to be part of the regional mobility authority have approved the request. (b) The county may submit to the commission a proposed structure for the initial board of directors of the regional mobility authority and a method for appointment to the board of directors at the creation of the regional mobility authority. Subsequent appointments to the board of directors are subject to the requirements of Subchapter F, Chapter 370. (c) After commission authorization, the county may transfer each of its projects under this chapter to the regional mobility authority to the extent authorized by the Texas Constitution if property and contract rights in the projects and bonds issued for the projects are not affected unfavorably. (d) The commission shall adopt rules governing the creation of a regional mobility authority and the transfer of projects under this section.