Tex. Special District Local Laws Code § 1012.305
This is the official text of Tex. Special District Local Laws Code § 1012.305, part of Texas’s Special District Local Laws Code — consolidates the individual laws creating Texas's special-purpose local government districts.
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§ 1012.305. TRANSFER, SALE, OR ADMINISTRATION OF ASSETS.
Official statutory text
(a) If a majority of the votes in the election under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Childress County or another governmental entity in Childress County;
(2) sell the assets and liabilities to another person; or
(3) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
(c) If Subsections (a)(1) and (2) do not apply and the board administers the property, assets, and debts under Subsection (a)(3), the district is dissolved when all money is disposed of and all district debts have been paid or settled.
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Childress County or another governmental entity in Childress County;
(2) sell the assets and liabilities to another person; or
(3) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
(c) If Subsections (a)(1) and (2) do not apply and the board administers the property, assets, and debts under Subsection (a)(3), the district is dissolved when all money is disposed of and all district debts have been paid or settled.
Status: in_force · Read it on the official government site
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