Tex. Spec. Dist. Local Laws Code § 1059.306 · Subchapter G. DISSOLUTION
SALE OR TRANSFER OF ASSETS AND LIABILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district may not be dissolved unless the board provides for the sale or transfer of the district's assets and liabilities to another person.
(b) The dissolution of the district and the sale or transfer of the district's assets or liabilities may not contravene a trust indenture or bond resolution relating to the district's outstanding bonds. The dissolution and sale or transfer does not diminish or impair the rights of a holder of an outstanding bond, warrant, or other obligation of the district.
(c) The sale or transfer of the district's assets and liabilities must satisfy the debt and bond obligations of the district in a manner that protects the interests of district residents, including the residents' collective property rights in the district's assets.
(d) The district may not transfer or dispose of the district's assets except for due compensation unless:
(1) the transfer is made to another governmental entity that serves the district; and
(2) the transferred assets are to be used for the benefit of district residents.
(e) A grant from federal funds is an obligation to be repaid in satisfaction.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1059.htm
- Text hash
- sha256 033967a2d73238bebdc1106321b8f421a0dd2f8bf49cce00c763c89bae0999bb
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.