Tex. Spec. Dist. Local Laws Code Section 1062.306
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 district residents, 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 1062.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1062.­htm#1062.­306 (accessed Jun. 5, 2024).

1062.001
Definitions 1062.002
Authority for Operation 1062.003
District Territory 1062.004
District Support and Maintenance Not State Obligation 1062.005
Restriction on State Financial Assistance 1062.051
Board Election 1062.052
Notice of Election 1062.053
Qualifications for Office 1062.054
Board Vacancy 1062.055
Officers 1062.056
Compensation 1062.057
Voting Requirement 1062.058
District Administrator 1062.059
General Duties of District Administrator 1062.060
Appointment and Recruitment of Staff and Employees 1062.061
Personnel Contracts 1062.062
Educational Programs 1062.063
Retirement Benefits 1062.101
District Responsibility 1062.102
Restriction on Political Subdivision Taxation and Debt 1062.103
Management, Control, and Administration 1062.104
Hospital System 1062.105
Rules 1062.106
Purchasing and Accounting Procedures 1062.107
District Property, Facilities, and Equipment 1062.108
Eminent Domain 1062.109
Gifts and Endowments 1062.110
Construction Contracts 1062.111
Contracts with Governmental Entities for Care and Treatment 1062.112
Payment for Treatment 1062.113
Nonprofit Corporation 1062.114
Authority to Sue and Be Sued 1062.151
Budget 1062.152
Notice 1062.153
Amendments to Budget 1062.154
Restriction on Expenditures 1062.155
Fiscal Year 1062.156
Annual Audit 1062.157
Inspection of Annual Audit and District Records 1062.158
Financial Report 1062.159
Depository 1062.161
General Authority to Borrow Money 1062.162
Authority to Borrow Money in Emergency 1062.201
General Obligation Bonds 1062.202
Tax to Pay General Obligation Bonds 1062.203
General Obligation Bond Election 1062.204
Revenue Bonds 1062.205
Maturity of Bonds 1062.206
Execution of Bonds 1062.251
Imposition of Ad Valorem Tax 1062.252
Tax Rate 1062.253
Tax Assessor-collector 1062.301
Dissolution 1062.302
Notice of Election 1062.303
Ballot 1062.304
Election Results 1062.305
Transfer, Sale, or Administration of Assets 1062.306
Sale or Transfer of Assets and Liabilities 1062.307
Imposition of Tax and Return of Surplus Taxes 1062.308
Report
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Accessed:
Jun. 5, 2024

§ 1062.306’s source at texas​.gov