Texas Special District Local Laws Code 3937.253 – Assumption of Assets and Liabilities
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(a) If a municipality dissolves the district, the municipality assumes, subject to the appropriation and availability of funds, the obligations of the district, including any bonds or other debt payable from assessments or other district revenue.
(b) If a municipality dissolves the district, the board shall transfer ownership of all district property to the municipality.
Terms Used In Texas Special District Local Laws Code 3937.253
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Property: means real and personal property. See Texas Government Code 311.005