Tex. Spec. Dist. Local Laws Code Section 1023.306
Sale or Transfer of Assets and Liabilities

(a)

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 and liabilities may not:

(1)

contravene a trust indenture or bond resolution relating to the outstanding bonds of the district; or

(2)

diminish or impair the rights of the holders of any outstanding bonds, warrants, or other obligations 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 citizens in the district, including the citizens’ collective property rights in the district’s assets.

(d)

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 agency embracing the district; and

(2)

the transferred assets are used for the benefit of the citizens formerly in the district.

(e)

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 1023.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1023.­htm#1023.­306 (accessed Jun. 5, 2024).

1023.001
Definitions 1023.002
Authority for Operation 1023.003
Essential Public Function 1023.004
District Territory 1023.005
District Support and Maintenance Not State Obligation 1023.006
Restriction on State Financial Assistance 1023.051
Board Election 1023.052
Notice of Election 1023.053
Qualifications for Office 1023.054
Board Vacancy 1023.055
Officers 1023.056
Compensation 1023.057
Voting Requirement 1023.058
District Administrator 1023.059
General Duties of District Administrator 1023.060
Assistant District Administrator 1023.061
Employees 1023.062
Personnel Contracts 1023.063
Retirement Benefits 1023.101
District Responsibility 1023.102
Restriction on County Taxation and Debt 1023.103
Management, Control, and Administration 1023.104
Rules 1023.105
Purchasing and Accounting Procedures 1023.106
District Property, Facilities, and Equipment 1023.107
Eminent Domain 1023.108
Cost of Relocating or Altering Property 1023.109
Gifts and Endowments 1023.110
Construction Contracts 1023.111
Operating and Management Contracts 1023.112
Contracts with Governmental Entities for Services 1023.113
Provision of Certain Health Services 1023.114
Payment for Treatment 1023.115
Reimbursement for Services 1023.116
Authority to Sue and Be Sued 1023.151
Budget 1023.152
Notice 1023.153
Amendments to Budget 1023.154
Restriction on Expenditures 1023.155
Fiscal Year 1023.156
Annual Audit 1023.157
Inspection of Annual Audit and District Records 1023.158
Financial Report 1023.159
Depository 1023.160
Spending and Investment Restrictions 1023.161
General Authority to Borrow Money 1023.162
Authority to Borrow Money in Emergency 1023.201
General Obligation Bonds 1023.202
Tax to Pay General Obligation Bonds 1023.203
General Obligation Bond Election 1023.204
Revenue Bonds 1023.205
Refunding Bonds 1023.206
Maturity of Bonds 1023.207
Execution of Bonds 1023.208
Bonds Exempt from Taxation 1023.251
Imposition of Ad Valorem Tax 1023.252
Tax Rate 1023.253
Tax Assessor-collector 1023.301
Dissolution 1023.302
Notice of Election 1023.303
Ballot 1023.304
Election Results 1023.305
Transfer or Administration of Assets 1023.306
Sale or Transfer of Assets and Liabilities 1023.307
Imposition of Tax and Return of Surplus Taxes 1023.308
Report 1023.401
Expansion of District Territory
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1023.306’s source at texas​.gov