Tex. Spec. Dist. Local Laws Code Section 1059.306
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 or liabilities 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.

(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 entity that serves the district; and

(2)

the transferred assets are to be used for the benefit of district 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 1059.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1059.­htm#1059.­306 (accessed Jun. 5, 2024).

1059.002
Authority for Operation 1059.003
Essential Public Function 1059.004
District Territory 1059.005
District Support and Maintenance Not State Obligation 1059.006
Restriction on State Financial Assistance 1059.051
Board Election 1059.052
Notice of Election 1059.053
Qualifications for Office 1059.054
Bond 1059.055
Board Vacancy 1059.056
Officers 1059.057
Compensation 1059.058
Voting Requirement 1059.059
District Administrator 1059.060
General Duties of District Administrator 1059.061
Employees 1059.062
Recruitment of Medical Staff and Professional Personnel 1059.063
Retirement Benefits 1059.101
District Responsibility 1059.102
Restriction on Political Subdivision Taxation and Debt 1059.103
Management, Control, and Administration 1059.104
Rules 1059.105
Purchasing and Accounting Procedures 1059.106
Mobile Emergency Medical or Air Ambulance Service 1059.107
District Property, Facilities, Equipment, and Services 1059.108
Eminent Domain 1059.109
Cost of Relocating or Altering Property 1059.110
Gifts and Endowments 1059.111
Construction Contracts 1059.112
Operating and Management Contracts 1059.113
Contracts with Governmental Entities for Services 1059.114
Payment for Treatment 1059.115
Policies or Rules on Indigent Health Care 1059.116
Reimbursement for Services 1059.117
Authority to Sue and Be Sued 1059.151
Budget 1059.152
Notice 1059.153
Amendments to Budget 1059.154
Restriction on Expenditures 1059.155
Fiscal Year 1059.156
Annual Audit 1059.157
Inspection of Annual Audit and District Records 1059.158
Financial Report 1059.159
Depository 1059.160
Spending and Investment Restrictions 1059.161
Authority to Borrow Money 1059.201
General Obligation Bonds 1059.202
Tax to Pay General Obligation Bonds 1059.203
General Obligation Bond Election 1059.204
Revenue Bonds 1059.205
Refunding Bonds 1059.206
Maturity of Bonds 1059.207
Execution of Bonds 1059.208
Bonds Exempt from Taxation 1059.251
Imposition of Ad Valorem Tax 1059.252
Tax Rate 1059.253
Tax Assessor-collector 1059.301
Dissolution 1059.302
Notice of Election 1059.303
Ballot 1059.304
Election Results 1059.305
Transfer or Administration of Assets 1059.306
Sale or Transfer of Assets and Liabilities 1059.307
Imposition of Tax and Return of Surplus Taxes 1059.308
Report
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1059.306’s source at texas​.gov