Tex. Spec. Dist. Local Laws Code Section 1109.306
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 residents, including the residents’ collective property rights in the district’s assets.

(d)

The district may transfer or dispose of 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 residents formerly in the district.

(e)

A grant from federal funds is an obligation to be repaid in satisfaction.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.

Source: Section 1109.306 — Sale or Transfer of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1109.­htm#1109.­306 (accessed Jun. 5, 2024).

1109.001
Definitions 1109.002
Authority for Operation 1109.003
Essential Public Function 1109.004
District Territory 1109.051
Board Appointment 1109.052
Qualifications for Office 1109.053
Board Vacancy 1109.054
Nonattendance 1109.055
Officers 1109.056
Compensation 1109.057
District Administrator 1109.058
General Duties of District Administrator 1109.059
Assistant District Administrator 1109.060
Appointment and Removal of Staff and Employees 1109.061
Retirement Benefits 1109.062
Seal 1109.101
District Responsibility 1109.102
Restriction on County or Municipality Taxation 1109.103
Management, Control, and Administration 1109.104
Hospital or Hospital System 1109.105
Rules 1109.106
Purchasing and Accounting 1109.107
District Property, Facilities, and Equipment 1109.108
Eminent Domain 1109.109
Gifts and Endowments 1109.110
Construction Contracts 1109.111
Operating and Management Contracts 1109.112
Contracts with Governmental Entities for Care and Treatment 1109.113
Payment for Treatment 1109.114
Reimbursement for Services 1109.115
Authority to Sue and Be Sued 1109.151
Budget 1109.152
Notice 1109.153
Amendments to Budget 1109.154
Fiscal Year 1109.155
Annual Audit 1109.156
Financial Report 1109.157
Depository 1109.158
Investments 1109.159
Authority to Borrow Money 1109.201
General Obligation Bonds 1109.202
Tax to Pay General Obligation Bonds 1109.203
General Obligation Bond Election 1109.204
Execution of General Obligation Bonds 1109.205
Revenue Bonds 1109.206
Refunding Bonds 1109.207
Maturity of Bonds 1109.208
Execution of Bonds 1109.209
Bonds Exempt from Taxation 1109.251
Imposition of Ad Valorem Tax 1109.252
Tax Rate 1109.253
Tax Assessor-collector 1109.301
Dissolution 1109.302
Notice of Election 1109.303
Ballot 1109.304
Election Results 1109.305
Transfer or Administration of Assets 1109.306
Sale or Transfer of Assets and Liabilities 1109.307
Imposition of Tax and Return of Surplus Taxes 1109.308
Report
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1109.306’s source at texas​.gov