(a) This section applies only to a corporation that was created by the state or one or more counties or municipalities to implement a transportation project in:
(1) a county with a population of 500,000 or more; or
(2) a county adjacent to a county described by Subdivision (1).
(b) If approved and authorized by the commission, a corporation created by the state has the rights, powers, privileges, authority, and functions given the department under this title to:
(1) construct, improve, operate, and maintain high occupancy vehicle lanes; and
(2) charge a toll for the use of one or more high occupancy vehicle lanes for the purpose of congestion mitigation.
(c) A corporation in existence on August 31, 1991, has the powers, rights, and privileges of a corporation created under Chapter 11, Title 32, Revised Statutes, as that law existed on August 31, 1991, except that the required right-of-way of any highway, road, street, or turnpike may be of the width required or approved by the commission or each governing body creating the corporation.