Texas Special District Local Laws Code 3868.253 – Assumption of Assets and Liabilities
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(a) After the town dissolves the district, the town assumes the obligations of the district, including any bonds or other indebtedness payable from assessments or other district revenue.
(b) If the town dissolves the district, the board shall transfer ownership of all district property to the town.
Terms Used In Texas Special District Local Laws Code 3868.253
- Property: means real and personal property. See Texas Government Code 311.005