Texas Special District Local Laws Code 1030.305 – Disposition or Transfer of District Assets; Declaration of Dissolution
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(a) A board order issued under Section 1030.304 that disposes of district assets must satisfy the district’s debts and bond obligations in a manner that protects the interests of citizens in the district, including the citizens’ collective property rights in the district’s assets and property.
(b) In connection with an election in favor of dissolution, the board may not dispose of or transfer the district’s assets except for due compensation unless:
(1) the assets are transferred to another governmental agency, such as a county, embracing the district; and
(2) the transferred assets are to be used for the benefit of citizens formerly in the district.
Terms Used In Texas Special District Local Laws Code 1030.305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
(c) A grant from federal funds, however dispensed, is an obligation to be repaid in satisfaction.
(d) On completion of the requirements of this section, the board shall declare the district dissolved.