Sec. 1505.207. GRANT OF FRANCHISE. As additional security for the encumbrance, a municipality that encumbers a harbor improvement or facility under Section 1505.203 may provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the harbor improvement or facility, including any improvement, for a term not to exceed 30 years from the date of purchase, subject to all laws regulating the same then in force.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1505 - Obligations for Coastal Municipalities for Coastal Matters
Section 1505.201. Applicability of Subchapter
Section 1505.203. Authority to Issue Revenue Bonds
Section 1505.204. Authority to Accept Loans and Grants
Section 1505.205. Location of Harbor Improvement or Facility
Section 1505.206. Pledge of Revenue
Section 1505.207. Grant of Franchise
Section 1505.208. Bonds Not Payable From Taxes
Section 1505.210. Additional Bonds
Section 1505.211. Transfer of Pledged Revenue
Section 1505.213. Appointment of Receiver
Section 1505.214. Exemption From Assessment or Taxation
Section 1505.215. Authority to Issue Refunding Bonds
Section 1505.216. Terms of Issuance of Refunding Bonds
Section 1505.217. Registration of Refunding Bonds by Comptroller