Tex. Spec. Dist. Local Laws Code Section 1008.156
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 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 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 district’s residents.

(d)

A grant from federal funds is an obligation to be repaid in satisfaction.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.

Source: Section 1008.156 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1008.­htm#1008.­156 (accessed May 26, 2025).

1008.001
Definitions 1008.002
Authority for Operation 1008.003
Essential Public Function 1008.004
District Territory 1008.005
District Support and Maintenance Not State Obligation 1008.006
Restriction on State Financial Assistance 1008.051
Board Election 1008.052
Notice of Election 1008.053
Ballot Application 1008.054
Qualifications for Office 1008.055
Bond 1008.056
Board Vacancy 1008.057
Officers 1008.058
Compensation 1008.059
Voting Requirement 1008.060
District Administrator 1008.061
General Duties of District Administrator 1008.062
Attorney 1008.063
Appointment and Recruitment of Staff and Employees 1008.064
Personnel Contracts 1008.065
Retirement Benefits 1008.101
District Responsibility 1008.102
Restriction on Political Subdivision Taxation and Debt 1008.103
Management, Control, and Administration 1008.104
Hospital System 1008.105
Rules 1008.106
Purchasing and Accounting Procedures 1008.107
District Property, Facilities, and Equipment 1008.108
Operating and Management Contracts 1008.109
Interlocal Agreement 1008.110
Service Contracts 1008.111
Eminent Domain 1008.112
Cost of Relocating or Altering Property 1008.113
Gifts and Endowments 1008.114
Contracts for Services to Certain Persons 1008.115
Payment for Treatment 1008.116
Authority to Sue and Be Sued 1008.117
Advertising for Certain Construction Contracts 1008.151
Dissolution 1008.152
Notice of Election 1008.153
Ballot 1008.154
Election Results 1008.155
Transfer or Administration of Assets 1008.156
Sale or Transfer of Assets and Liabilities 1008.157
Imposition of Tax and Return of Surplus Taxes 1008.158
Report 1008.201
Budget 1008.202
Notice 1008.203
Amendments to Budget 1008.204
Restriction on Expenditures 1008.205
Fiscal Year 1008.206
Annual Audit 1008.207
Inspection of Annual Audit and District Records 1008.208
Financial Report 1008.209
Depository 1008.210
Spending and Investment Restrictions 1008.211
Authority to Borrow Money 1008.251
General Obligation Bonds 1008.252
Tax to Pay General Obligation Bonds 1008.253
General Obligation Bond Election 1008.254
Maturity of General Obligation Bonds 1008.255
Execution of General Obligation Bonds 1008.256
Revenue Bonds 1008.257
Refunding Bonds 1008.258
Bonds Exempt from Taxation 1008.301
Imposition of Ad Valorem Tax 1008.302
Tax Rate 1008.303
Tax Assessor-collector
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Verified:
May 26, 2025

§ 1008.156. Sale or Transfer of Assets & Liabilities's source at texas​.gov