Texas Government Code 1503.154 – Grant of Franchise
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 1503.154
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
As additional security for the encumbrance, a municipality that encumbers an airport under § 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.