LEASING OF STRUCTURE

(a) The individual, corporation, or association that owns a structure may lease the right-of-way over the structure to: (1) a municipality for public utilities owned and operated by the municipality; or (2) a corporation to construct railroad tracks to operate a steam or electric train or car. (b) An individual, corporation, or association by leasing the right-of-way may not: (1) obstruct or interfere with a pedestrian's or vehicle's use of the structure; or (2) permit a monopoly. (c) The commission may prescribe the terms of a lease to a railroad corporation. (d) If approved by the commission, a corporation that leases the right-of-way over the structure may: (1) contract with the individual, corporation, or association that owns the structure to pay all money due under the contract; and (2) issue and sell bonds up to the amount of its obligation to the individual, corporation, or association. (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.