Texas Transportation Code

§ 454.026 — TRANSPORTATION SYSTEM FRANCHISE

TN § 454.026Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 454. MUNICIPAL MASS TRANSPORTATION SYSTEMS · Art. B. REVENUE BONDS AND NOTES

Statute text

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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.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.