Tex. Spec. Dist. Local Laws Code Section 1043.305
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 and 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 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 district residents, including the residents’ 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 that serves the district; and

(2)

the transferred assets are to be used for the benefit of the district’s residents.

(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 1043.305 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1043.­htm#1043.­305 (accessed Jun. 5, 2024).

1043.001
Definitions 1043.002
Authority for Operation 1043.003
Essential Public Function 1043.004
District Territory 1043.005
Correction of Invalid Procedures 1043.051
Board Election 1043.052
Notice of Election 1043.053
Qualifications for Office 1043.054
Bond 1043.055
Board Vacancy 1043.056
Officers 1043.057
Compensation 1043.058
Voting Requirement 1043.059
Appointment and Recruitment of Staff and Employees 1043.060
Maintenance of Records 1043.061
Seal 1043.062
Chief Executive Officer 1043.101
District Responsibility 1043.102
Restriction on County or Municipality Taxation 1043.103
Management and Control 1043.104
Hospital System 1043.105
Rules 1043.106
Purchasing and Accounting Procedures 1043.107
District Property, Facilities, and Equipment 1043.108
Property, Facilities, and Equipment for Health Care Providers 1043.109
Eminent Domain 1043.110
Gifts and Endowments 1043.111
Joint Ownership Arrangement 1043.112
Payment for Treatment 1043.113
Nonprofit Corporation 1043.114
Authority to Sue and Be Sued 1043.151
Budget 1043.152
Proposed Budget: Notice and Hearing 1043.153
Fiscal Year 1043.154
Annual Audit 1043.155
Depository or Treasurer 1043.156
Authority to Borrow Money 1043.201
General Obligation Bonds 1043.202
Tax to Pay General Obligation Bonds 1043.203
General Obligation Bond Election 1043.204
Maturity of General Obligation Bonds 1043.205
Execution of General Obligation Bonds 1043.206
Revenue Bonds 1043.207
Refunding Bonds 1043.208
Bonds Exempt from Taxation 1043.251
Imposition of Ad Valorem Tax 1043.252
Tax Rate 1043.253
Election to Increase Maximum Tax Rate 1043.254
Tax Assessor-collector 1043.301
Dissolution 1043.302
Notice of Election 1043.303
Ballot 1043.304
Election Results 1043.305
Sale or Transfer of Assets and Liabilities 1043.0535
Grounds for Removal
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1043.305’s source at texas​.gov