Tex. Spec. Dist. Local Laws Code Section 1067.306
Sale or Transfer of Assets and Liabilities

(a)

Notwithstanding any other provision of this chapter, 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 the district’s residents.

(e)

A grant from federal funds is an obligation to be repaid in satisfaction.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.

Source: Section 1067.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1067.­htm#1067.­306 (accessed Jun. 5, 2024).

1067.002
Authority for Creation 1067.003
Essential Public Function 1067.004
District Territory 1067.005
District Support and Maintenance Not State Obligation 1067.006
Restriction on State Financial Assistance 1067.051
Board Election 1067.052
Notice of Election 1067.053
Qualifications for Office 1067.054
Board Vacancy 1067.055
Officers 1067.056
Compensation 1067.057
Chief Executive Officer 1067.058
General Duties of Chief Executive Officer 1067.059
Appointment and Recruitment of Staff and Employees 1067.060
Personnel Contracts 1067.061
Retirement Benefits 1067.101
District Responsibility 1067.102
Restriction on Political Subdivision Taxation and Debt 1067.103
Management, Control, and Administration 1067.104
Hospital or Hospital System 1067.105
Rules 1067.106
Purchasing and Accounting Procedures 1067.107
District Property, Facilities, and Equipment 1067.108
Eminent Domain 1067.109
Gifts and Endowments 1067.110
Contracts with Governmental Entities for Care and Treatment 1067.111
Payment for Treatment 1067.112
Authority to Sue and Be Sued 1067.151
Budget 1067.152
Notice 1067.153
Amendments to Budget 1067.154
Fiscal Year 1067.155
Annual Audit 1067.156
Depository 1067.157
Authority to Borrow Money 1067.201
General Obligation Bonds 1067.202
Tax to Pay General Obligation Bonds 1067.203
General Obligation Bond Election 1067.204
Maturity of General Obligation Bonds 1067.205
Execution of General Obligation Bonds 1067.206
Revenue Bonds 1067.207
Refunding Bonds 1067.208
Bonds Exempt from Taxation 1067.209
Additional Means of Securing Repayment of Bonds 1067.210
Use of Bond Proceeds 1067.251
Imposition of Ad Valorem Tax 1067.252
Tax Rate 1067.253
Tax Assessor-collector 1067.301
Dissolution 1067.302
Notice of Election 1067.303
Ballot 1067.304
Election Results 1067.305
Transfer or Administration of Assets 1067.306
Sale or Transfer of Assets and Liabilities 1067.307
Imposition of Tax and Return of Surplus Taxes 1067.308
Report
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Accessed:
Jun. 5, 2024

§ 1067.306’s source at texas​.gov