Section 364.049 - Sale or Exchange of Bonds A bond issued under this chapter may be:
(1) sold for cash at a public or private sale at a price determined by the commissioners court;(2) issued on terms determined by the commissioners court in exchange for property of any kind or an interest in property of any kind, as the commissioners court determines is necessary and proper to accomplish a purpose of this chapter; or(3) issued in exchange for a bond of the same issue, matured or unmatured, in the same principal amount.Tex. Transp. Code § 364.049
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.