Tex. Spec. Dist. Local Laws Code Section 1002.206
Sale or Transfer of Assets and Liabilities

(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 or entity.

(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 outstanding bonds of the district. 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 the residents of the district, including the residents’ collective property rights in the district’s assets. The district may not transfer or dispose of the district’s assets except for due compensation unless the transfer is made to another governmental agency that serves the district and the transferred assets are to be used for the benefit of the residents of the district.

(d)

A grant from federal funds is an obligation to be repaid in satisfaction.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.

Source: Section 1002.206 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1002.­htm#1002.­206 (accessed Jun. 5, 2024).

1002.001
Definitions 1002.002
Authority for Creation 1002.003
Political Subdivision 1002.004
District Territory 1002.005
Correction of Invalid Procedures 1002.006
District Support and Maintenance Not State Obligation 1002.051
Board of Directors 1002.052
Bond 1002.053
Board Vacancy 1002.054
Officers 1002.055
Compensation 1002.056
Voting Requirement 1002.057
Recruitment of Staff and Employees 1002.058
Office Facilities 1002.059
Health Education Programs for Staff and Employees 1002.060
Retirement of Benefits 1002.061
Employment of Physicians 1002.101
District Responsibility 1002.102
Limitation on Certain Political Subdivisions 1002.103
Powers of Board 1002.104
Hospital System 1002.105
Operating, Management, or Consulting Contracts 1002.106
Provision of Services Outside District 1002.107
Eminent Domain 1002.108
Gifts and Endowments 1002.109
Authority to Sue and Be Sued 1002.110
Public Works Contracts 1002.151
Petition to Expand District Territory 1002.152
Notice of Hearing 1002.153
Order of Annexation 1002.154
Ratification Election 1002.155
Assumption of Debts and Taxes 1002.201
Dissolution 1002.202
Notice of Election 1002.203
Ballot 1002.204
Election Results 1002.205
Transfer or Administration of Assets 1002.206
Sale or Transfer of Assets and Liabilities 1002.207
Imposition of Tax and Return of Surplus Taxes 1002.208
Report 1002.251
Depository 1002.252
Authority to Borrow Money 1002.301
General Obligation Bonds 1002.302
Taxes to Pay General Obligation Bonds 1002.303
General Obligation Bond Election 1002.304
Execution of General Obligation Bonds 1002.305
Investment of General Obligation Bond Proceeds 1002.306
Revenue Bonds 1002.351
Imposition of Taxes 1002.352
Tax Assessor-collector
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Accessed:
Jun. 5, 2024

§ 1002.206’s source at texas​.gov