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.
Texas Legal Code