Texas Special District Local Laws Code 1090.305 – Transfer of Assets and Liabilities
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Terms Used In Texas Special District Local Laws Code 1090.305
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
If the proposition for the dissolution of the district and the transfer of the existing hospital facilities to and the assumption of the debts and bond obligations by Refugio County is approved as provided by this subchapter:
(1) the land, buildings, improvements, and equipment that are part of the hospital or hospital system owned by the district shall be transferred to Refugio County;
(2) any debts and bond obligations of the district shall be assumed by Refugio County; and
(3) the Refugio County Commissioners Court shall provide for:
(A) establishing and administering a hospital system by purchasing, constructing, acquiring by gift or otherwise, repairing, or renovating buildings and equipment; and
(B) equipping the hospital system.