Tex. Spec. Dist. Local Laws Code Section 1091.305
Sale or Transfer of Assets and Liabilities

(a)

Notwithstanding any other provision of this subchapter, 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:

(1)

contravene a trust indenture or bond resolution relating to the district’s outstanding bonds; or

(2)

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 citizens, including the citizens’ collective property rights in the district’s assets.

(d)

The district may transfer or sell the district’s assets only for due compensation, unless the transfer is made to another governmental agency embracing the district and using the transferred assets for the benefit of the citizens formerly in the district.

(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 1091.305 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1091.­htm#1091.­305 (accessed Jun. 5, 2024).

1091.001
Definitions 1091.002
Authority for Operation 1091.003
Essential Public Function 1091.004
District Territory 1091.005
District Support or Maintenance Not State Obligation 1091.006
Restriction on State Financial Assistance 1091.051
Board Election 1091.052
Notice of Election 1091.053
Ballot Petition 1091.054
Qualifications for Office 1091.055
Bond 1091.056
Board Vacancy 1091.057
Officers 1091.058
Compensation 1091.059
Voting Requirement 1091.060
District Administrator 1091.061
General Duties of District Administrator 1091.062
Assistant District Administrator 1091.063
Appointment and Recruitment of Staff and Employees 1091.064
Retirement Benefits 1091.101
District Responsibility 1091.102
Management, Control, and Administration 1091.103
Rules 1091.104
Purchasing and Accounting Procedures 1091.105
District Property, Facilities, and Equipment 1091.106
Eminent Domain 1091.107
Cost of Relocating or Altering Property 1091.108
Gifts and Endowments 1091.109
Construction Contracts 1091.110
Operating and Management Contracts 1091.111
Contracts for Services 1091.112
Provision of Certain Health Services 1091.113
Payment for Treatment 1091.114
Reimbursement for Services 1091.115
Authority to Sue and Be Sued 1091.151
Budget 1091.152
Notice 1091.153
Amendments to Budget 1091.154
Fiscal Year 1091.155
Annual Audit 1091.156
Inspection of Annual Audit and District Records 1091.157
Financial Report 1091.158
Short-term Financing 1091.159
Depository 1091.160
Spending and Investment Restrictions 1091.201
General Obligation Bonds 1091.202
Tax to Pay General Obligation Bonds 1091.203
General Obligation Bond Election 1091.204
Revenue Bonds 1091.205
Refunding Bonds 1091.206
Maturity of Bonds 1091.207
Execution of Bonds 1091.208
Bonds Exempt from Taxation 1091.251
Imposition of Ad Valorem Tax 1091.252
Tax Rate 1091.253
Tax Assessor-collector 1091.301
Dissolution 1091.302
Notice of Election 1091.303
Ballot 1091.304
Election Results 1091.305
Sale or Transfer of Assets and Liabilities
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1091.305’s source at texas​.gov