Tex. Spec. Dist. Local Laws Code § 1091.305 · Subchapter G. DISSOLUTION
SALE OR TRANSFER OF ASSETS AND LIABILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Notwithstanding any other provision of this subchapter, 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:
(1) contravene a trust indenture or bond resolution relating to the district's outstanding bonds; or
(2) 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 citizens, including the citizens' collective property rights in the district's assets.
(d) The district may transfer or sell the district's assets only for due compensation, unless the transfer is made to another governmental agency embracing the district and using the transferred assets for the benefit of the citizens formerly in the district.
(e) A grant from federal funds is an obligation to be repaid in satisfaction.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1091.htm
- Text hash
- sha256 e990a4638d3e0fbcba367ff09fa132db3f56e5eb02a0ad96f68ede6a2e680597
- 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.