Texas Special District Local Laws Code 3897.352 – Limitation On Dissolution
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Terms Used In Texas Special District Local Laws Code 3897.352
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The municipality may not dissolve the district until:
(1) the district’s outstanding bonds have been repaid or defeased;
(2) the district’s outstanding debt or contractual obligations that are payable from ad valorem taxes have been repaid or discharged; and
(3) each agreement under § 3897.251 has been executed and the district’s performance under the agreement has been fulfilled, including any right or obligation the district has to reimburse a developer or owner for the costs of improvement projects.