Texas Special District Local Laws Code 1025.305 – Transfer or Administration of Assets
Current as of: 2024 | Check for updates
|
Other versions
(a) If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1) transfer to Wichita County or another governmental entity in Wichita County the land, buildings, improvements, equipment, and other assets that belong to the district; or
(2) 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.
Terms Used In Texas Special District Local Laws Code 1025.305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
(c) If the board does not make the transfer under Subsection (a)(1), the district is dissolved when all district money is disposed of and all district debts are paid or settled.