Tex. Spec. Dist. Local Laws Code Section 1031.306
Sale or Transfer of Assets and Liabilities

(a)

The dissolution of the district and the sale or transfer of the district’s assets and 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 1031.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1031.­htm#1031.­306 (accessed May 4, 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
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Accessed:
May 4, 2024

§ 1031.306’s source at texas​.gov