(a) An authority may not be dissolved unless the dissolution is approved by the commission.
(b) A board may submit a request to the commission for approval to dissolve.
Terms Used In Texas Transportation Code 370.331
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) The commission may approve a request to dissolve only if:
(1) all debts, obligations, and liabilities of the authority have been paid and discharged or adequate provision has been made for the payment of all debts, obligations, and liabilities;
(2) there are no suits pending against the authority, or adequate provision has been made for the satisfaction of any judgment, order, or decree that may be entered against it in any pending suit; and
(3) the authority has commitments from other governmental entities to assume jurisdiction of all authority transportation facilities.