Sec. 1503.154. GRANT OF FRANCHISE. As additional security for the encumbrance, a municipality that encumbers an airport under Section 1503.153 may provide in the encumbrance for a grant, to the purchaser under sale or foreclosure, of a franchise to operate the airport and the improvements situated on the airport for a term not to exceed 30 years from the date of the purchase, subject to all laws regulating same then in force.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.023, eff. Sept. 1, 2001.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1503 - Obligations for Municipal Airports
Subchapter D. Encumbrance of Airports in Municipalities With Population of More Than 160,000
Section 1503.151. Applicability of Subchapter
Section 1503.152. Pledge of Income
Section 1503.153. Encumbrance of Airport
Section 1503.154. Grant of Franchise
Section 1503.155. Obligation Not Debt
Section 1503.156. Authority to Issue Notes and Warrants Without Election