“Inactive district” means a special district that meets all of the following:

(a) The special district is as defined in Section 56036.

Terms Used In California Government Code 56042

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

(b) The special district has had no financial transactions in the previous fiscal year.

(c) The special district has no assets and liabilities.

(d) The special district has no outstanding debts, judgments, litigation, contracts, liens, or claims.

(Added by Stats. 2017, Ch. 334, Sec. 4. (SB 448) Effective January 1, 2018.)

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