Sec. 1508.004. AUTHORITY TO GRANT FRANCHISE. As additional security for an obligation described by Section 1508.002, a municipality may, under the terms of the encumbrance, grant to the purchaser under sale or foreclosure a franchise to operate the facility or land for a term not to exceed 20 years from the date of purchase, subject to all laws regulating 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 1508 - Obligations for Municipal Parks, Recreational Facilities, and Airports
Subchapter A. Obligations for Parks, Recreational Facilities, and Airports
Section 1508.001. Authority for Parks, Recreational Facilities, and Airports
Section 1508.002. Authority to Issue Bonds, Notes, and Warrants
Section 1508.003. Pledge of Income
Section 1508.004. Authority to Grant Franchise
Section 1508.005. Obligations Not Debt of Municipality