Sec. 454.026. TRANSPORTATION SYSTEM FRANCHISE. In addition to encumbering the property of a mass transportation system under Section 454.025, a municipality, by the terms of an instrument evidencing that encumbrance, may grant to the purchaser under the power of sale in the instrument a franchise to operate the system and the system's property. A franchise under this section may not exceed 25 years.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 454 - Municipal Mass Transportation Systems
Subchapter B. Revenue Bonds and Notes
Section 454.021. Authority to Issue
Section 454.022. Notice of Ordinance Authorizing Issuance
Section 454.023. Petition for Election
Section 454.025. Encumbrance of Transportation System
Section 454.026. Transportation System Franchise
Section 454.027. Operating Expenses as Lien on Revenue
Section 454.028. Obligation of Transportation System Not Municipal Debt