Tex. Local Gov't Code Section 504.353
Termination of Existence of Corporation

(a)

If a majority of voters voting on the issue at an election held under Section 504.351 (Election to Terminate Existence of Corporation on Petition) approve the termination, the Type A corporation shall:

(1)

continue operations only as necessary to pay the principal of and interest on the corporation’s bonds and to meet obligations incurred before the date of the election; and

(2)

dispose of the corporation’s assets and apply the proceeds to satisfy obligations described by Subdivision (1), to the extent practicable.

(b)

When the last of the Type A corporation’s obligations are satisfied, any remaining assets of the corporation shall be transferred to the authorizing municipality, and the existence of the corporation is terminated.

(c)

A tax imposed under this chapter may not be collected after the last day of the first calendar quarter that begins after the Type A corporation notifies the comptroller that the last of the corporation’s obligations has been satisfied.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.

Source: Section 504.353 — Termination of Existence of Corporation, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­504.­htm#504.­353 (accessed Apr. 29, 2024).

504.001
Definition 504.002
Applicability of Chapter 504.003
Authority to Create Corporation 504.004
Contents of Certificate of Formation 504.005
Corporation Not Subject to Certain Provisions 504.051
Board of Directors 504.052
Officers 504.053
Quorum 504.054
Location of Board Meetings 504.055
Restrictions on Registered Agent and Office 504.101
Applicability of Other Law 504.102
Contract with Other Private Corporation 504.103
Limitation on Primary Purpose of Project 504.104
Assumption or Payment of Preexisting Debt Prohibited 504.105
Limitation on Use of Revenues for Promotional Purpose 504.106
Eminent Domain 504.107
Liability 504.151
Definitions 504.152
Election to Authorize Projects Applicable to Type B Corporations 504.153
Public Hearing Preceding Election 504.154
Limitation on Subsequent Election 504.155
Subsequent Approval of Additional Projects 504.156
Applicability of Chapter to Additional Project 504.171
Authority of Certain Corporations to Undertake Type B Projects 504.201
Definitions 504.202
Agreement to Invest in Extraterritorial Project 504.203
Required Agreement with Corresponding Taxing Unit 504.204
Effect on Authority Under Other Law 504.251
Tax Authorized 504.252
Sales Tax 504.253
Use Tax 504.254
Combined Tax Rate 504.255
Applicability of Tax Code 504.256
Ballot 504.257
Limitation on Duration of Tax 504.258
Election to Reduce or Increase Tax Rate 504.259
Reduction of Tax Within Regional Transportation Authority 504.260
Limited Sales and Use Tax for Specific Project 504.261
Concurrent Election with Election Under Tax Code 504.262
Procedures on Expiration of Tax 504.301
Delivery and General Use of Tax Proceeds 504.302
Payment of Maintenance and Operating Costs 504.303
Payment of Bonds 504.304
Payment for Cleanup of Contaminated Property 504.305
Payment for Job Training 504.351
Election to Terminate Existence of Corporation on Petition 504.352
Ballot 504.353
Termination of Existence of Corporation
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Accessed:
Apr. 29, 2024

§ 504.353’s source at texas​.gov