Texas Special District Local Laws Code 1100.354 – Transfer or Administration of Assets
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(a) If a majority of the votes in the election held under this subchapter favor dissolution, the board shall:
(1) transfer to Randall County the land, buildings, improvements, equipment, and other assets that belong to the district; or
(2) administer the property, assets, and debts in accordance with this subchapter.
(b) If the board makes the transfer under Subsection (a)(1), the county assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
Terms Used In Texas Special District Local Laws Code 1100.354
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005
(c) If the board does not make the transfer under Subsection (a)(1), the board shall continue to control and administer the property, debts, and assets of the district under Subsection (a)(2) until all money has been disposed of and all district debts have been paid or settled.