Texas Special District Local Laws Code 1104.307 – Disposition or Transfer of Assets and Debts
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(a) The board may not dispose of or transfer the district’s assets except for due compensation unless:
(1) the debts are transferred to another governmental entity embracing the district; and
(2) the transferred assets are used for the benefit of citizens formerly in the district.
(b) If the board transfers the district’s debts to another governmental entity, the board shall also transfer to that governmental entity:
(1) title to land, buildings, improvements, and equipment related to the hospital system owned by the district; and
(2) operating money and reserves for operating expenses and money budgeted by the district to provide medical care for district residents for the remainder of the fiscal year in which the district is dissolved.
Terms Used In Texas Special District Local Laws Code 1104.307
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.