Tex. Spec. Dist. Local Laws Code Section 1031.305
Transfer, Sale, or Administration of Assets

(a)

If a majority of the votes in the election held under this subchapter favor dissolution, the board shall:

(1)

transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Garza County or another governmental entity in Garza County;

(2)

sell the assets and liabilities to another person; or

(3)

administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.

(b)

If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.

(c)

If Subsections (a)(1) and (2) do not apply and the board administers the property, assets, and debts of the district under Subsection (a)(3), the district is dissolved when all money has been disposed of and all district debts have been paid or settled.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Section 1031.305 — Transfer, Sale, or Administration of Assets, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1031.­htm#1031.­305 (accessed Jun. 5, 2024).

1031.001
Definitions 1031.002
Authority for Operation 1031.003
Political Subdivision 1031.004
District Territory 1031.005
Correction of Invalid Procedures 1031.006
Public Purpose 1031.051
Board Election 1031.052
Notice of Election 1031.053
Qualifications for Office 1031.054
Bond 1031.055
Board Vacancy 1031.056
Officers 1031.057
Compensation 1031.058
Voting Requirement 1031.059
Meetings 1031.060
District Administrator 1031.061
Employment and Recruitment of Staff and Employees 1031.062
Personnel Contracts 1031.063
Retirement Benefits 1031.064
Maintenance of Records 1031.065
Seal 1031.101
District Responsibility 1031.102
Restriction on County or Municipality Taxation 1031.103
Management and Control 1031.104
Rules 1031.105
Purchasing and Accounting Procedures 1031.106
District Property, Facilities, and Equipment 1031.107
Competitive Bidding 1031.108
Emergency Medical Services 1031.109
Gifts and Endowments 1031.110
Payment for Treatment 1031.111
Nonindigent Residents 1031.151
Budget 1031.152
Proposed Budget: Notice and Hearing 1031.153
Fiscal Year 1031.154
Annual Audit 1031.155
Depository or Treasurer 1031.156
Authority to Borrow Money 1031.201
General Obligation Bonds 1031.202
Tax to Pay General Obligation Bonds 1031.203
General Obligation Bond Election 1031.204
Revenue Bonds 1031.205
Refunding Bonds 1031.206
Maturity of Bonds 1031.207
Execution of Bonds 1031.251
Imposition of Ad Valorem Tax 1031.252
Tax Rate 1031.253
Election to Increase Maximum Tax Rate 1031.254
Tax Assessor-collector 1031.301
Dissolution 1031.302
Notice of Election 1031.304
Election Results 1031.305
Transfer, Sale, or Administration of Assets 1031.306
Sale or Transfer of Assets and Liabilities 1031.307
Imposition of Tax and Return of Surplus Taxes 1031.308
Report
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1031.305’s source at texas​.gov