1. (a) The individual, corporation, or association that owns a structure may lease the right-of-way over the structure to:

   1. (1) a municipality for public utilities owned and operated by the municipality; or
   2. (2) a corporation to construct railroad tracks to operate a steam or electric train or car.

2. (b) An individual, corporation, or association by leasing the right-of-way may not:

   1. (1) obstruct or interfere with a pedestrian's or vehicle's use of the structure; or
   2. (2) permit a monopoly.
3. (c) The commission may prescribe the terms of a lease to a railroad corporation.

4. (d) If approved by the commission, a corporation that leases the right-of-way over the structure may:

   1. (1) contract with the individual, corporation, or association that owns the structure to pay all money due under the contract; and
   2. (2) issue and sell bonds up to the amount of its obligation to the individual, corporation, or association.
5. (e) A railroad corporation that leases the right-of-way over the structure may only charge for the use of the tracks as a part of mileage according to statutory rates and the general laws of this state.

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