Texas Special District Local Laws Code 1063.309 – Transfer, Sale, or Administration of Assets If Election Initiated by District Petition
Current as of: 2024 | Check for updates
|
Other versions
(a) This section applies to an election called under Section 1063.301(b).
(b) If a majority of the votes in the election favor dissolution, the board shall transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Montgomery County not later than the 45th day after the date on which the election is held.
Terms Used In Texas Special District Local Laws Code 1063.309
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(c) The county assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
(d) The county should use all transferred assets in a manner that benefits county residents residing in territory formerly constituting the district.
(e) The county shall use all transferred assets to:
(1) pay the outstanding debts and obligations of the district relating to the assets at the time of the transfer; or
(2) provide medical and hospital care for needy county residents.