If the improvement for which a franchise is granted is not constructed in whole or in part within two years from the date the franchise is granted, the franchise shall be forfeited and the utilities board which granted the franchise shall revoke the franchise and make a record of the revocation, unless the person holding the franchise petitions the board for an extension of time. Upon a showing of sufficient justification for the delay of construction, the board may grant an extension of time for not more than an additional two years. An extension of time shall only be allowed for franchises granted on or after July 1, 1994.
[C24, 27, 31, 35, 39, § 8329; C46, 50, 54, 58, 62, § 489.20; C66, 71, 73, 75, § 489.21; C77, 79, 81, § 478.21]
94 Acts, ch 1136, §5
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