Tex. Spec. Dist. Local Laws Code Section 1027.305
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 or liabilities may not:

(1)

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

(2)

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 district residents, including the residents’ collective property rights in the district’s assets.

(d)

The district may transfer or sell the district’s assets only for due compensation, unless the transfer or sale is made to another governmental agency serving the district and using the transferred or purchased assets for the benefit of the residents formerly in the district.

(e)

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

Source: Section 1027.305 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1027.­htm#1027.­305 (accessed Jun. 5, 2024).

1027.001
Definitions 1027.002
Authority for Operation 1027.003
Essential Public Function 1027.004
District Territory 1027.005
Correction of Invalid Procedures 1027.006
District Support and Maintenance Not State Obligation 1027.051
Board Election 1027.052
Change in Election Format 1027.053
Notice of Election 1027.054
Qualifications for Office 1027.055
Board Vacancy 1027.056
Officers 1027.057
Compensation 1027.058
Voting Requirement 1027.059
District Administrator 1027.060
General Duties of District Administrator 1027.061
Appointment and Recruitment of Staff and Employees 1027.101
District Responsibility and Authority 1027.102
Restriction on Political Subdivision Taxation and Debt 1027.103
Management, Control, and Administration 1027.104
Hospital System 1027.105
Rules 1027.106
Purchasing and Accounting Procedures 1027.107
Provision of Certain Health Services 1027.108
District Property, Facilities, and Equipment 1027.109
Eminent Domain 1027.110
Gifts and Endowments 1027.111
Construction Contracts 1027.112
Operating and Management Contracts 1027.113
Contracts for Care and Treatment 1027.114
Contracts with Governmental Entities for Investigatory or Other Services 1027.115
Payment for Treatment 1027.116
Authority to Sue and Be Sued 1027.117
Authority to Provide Health Care Services 1027.151
Budget 1027.152
Notice 1027.153
Amendments to Budget 1027.154
Fiscal Year 1027.155
Audit 1027.156
Inspection of Audit and District Records 1027.157
Financial Report 1027.158
Depository 1027.159
Spending and Investment Restrictions 1027.160
Authority to Borrow Money in Emergency 1027.201
General Obligation Bonds 1027.202
Tax to Pay General Obligation Bonds 1027.203
General Obligation Bond Election 1027.204
Revenue Bonds 1027.205
Refunding Bonds 1027.206
Maturity of Bonds 1027.207
Execution of Bonds 1027.208
Bonds Exempt from Taxation 1027.251
Imposition of Ad Valorem Tax 1027.252
Tax Rate 1027.253
Tax Assessor-collector 1027.301
Dissolution 1027.302
Notice of Election 1027.303
Ballot 1027.304
Election Results 1027.305
Sale or Transfer of Assets and Liabilities
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1027.305’s source at texas​.gov