Tex. Spec. Dist. Local Laws Code Section 1012.306
Sale or Transfer of Assets and Liabilities

(a)

The dissolution of the district and the sale or transfer of the district’s assets or liabilities to another person 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.

(b)

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.

(c)

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 the district’s residents.

(d)

A grant from federal funds is an obligation to be repaid in satisfaction.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Section 1012.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1012.­htm#1012.­306 (accessed Jun. 5, 2024).

1012.001
Definitions 1012.002
Authority for Creation 1012.003
Essential Public Function 1012.004
District Territory 1012.005
District Support and Maintenance Not State Obligation 1012.006
Restriction on State Financial Assistance 1012.051
Board Election 1012.052
Qualifications for Office 1012.053
Board Vacancy 1012.054
Officers 1012.055
Compensation 1012.056
Voting Requirement 1012.057
Maintenance of Records 1012.058
Individual Liability of Directors 1012.059
Chief Executive Officer 1012.060
General Duties of Chief Executive Officer 1012.061
Employees 1012.062
Legal Counsel 1012.063
Recruitment of Medical Personnel 1012.064
Personnel Contracts 1012.066
Retirement Benefits 1012.101
District Responsibility 1012.102
Restriction on County or Municipality Taxation and Debt 1012.103
Management, Control, and Administration 1012.104
Hospital System 1012.105
Rules 1012.106
Purchasing and Accounting Procedures 1012.107
District Property, Facilities, and Equipment 1012.108
Eminent Domain 1012.109
Gifts and Endowments 1012.110
Construction Contracts 1012.111
Contracts with Governmental Entities for Care and Treatment 1012.112
Payment for Treatment 1012.113
Authority to Sue and Be Sued 1012.114
Facilities or Services for Persons Who Are Elderly or Disabled 1012.151
Budget 1012.152
Notice 1012.153
Amendment of Budget 1012.154
Restriction on Expenditures 1012.155
Fiscal Year 1012.156
Annual Audit 1012.157
Financial Report 1012.158
Depository 1012.159
General Authority to Borrow Money 1012.160
Authority to Borrow Money in Emergency 1012.201
General Obligation Bonds 1012.202
Tax to Pay General Obligation Bonds 1012.203
General Obligation Bond Election 1012.204
Execution of General Obligation Bonds 1012.205
Revenue Bonds 1012.206
Maturity of Bonds 1012.207
Bonds Exempt from Taxation 1012.251
Imposition of Ad Valorem Taxes 1012.252
Tax Rate 1012.253
Tax Assessor-collector 1012.301
Dissolution 1012.302
Notice of Election 1012.303
Ballot 1012.304
Election Results 1012.305
Transfer, Sale, or Administration of Assets 1012.306
Sale or Transfer of Assets and Liabilities 1012.307
Imposition of Tax and Return of Surplus Taxes 1012.308
Report
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Accessed:
Jun. 5, 2024

§ 1012.306’s source at texas​.gov