NOTE: §1015 eff. until July 1, 2021. See Acts 2018, No. 569.
§1015. Sale of mortgaged property
When any sale of the mortgaged property is held under the provisions of this Part, the purchaser at the sale, and his successor or assigns, shall be vested with any necessary permit and franchise to maintain and operate the property purchased, and to continue to supply to the public the commodities, products, or services previously supplied by the work of public improvement, with the same powers and privileges previously enjoyed by the political subdivision in the operation of said work of public improvement. This franchise shall continue for such period, not exceeding twenty-five years, as may be fixed by the governing body in the resolution authorizing the bonds or other debt obligation and shall be subject to all statutory limitations pertaining to the granting of permits or franchises.
NOTE: §1015 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§1015. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1977, No. 706, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.
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