Tex. Spec. Dist. Local Laws Code Section 3886.253
Assumption of Assets and Liabilities

(a)

After the town dissolves the district, the town assumes the obligations of the district, including any bonds or other indebtedness payable from assessments or other district revenue.

(b)

If the town dissolves the district, the board shall transfer ownership of all district property to the town.

Added by Acts 2009, 81st Leg., R.S., Ch. 1077 (H.B. 4752), Sec. 1, eff. September 1, 2009.

Source: Section 3886.253 — Assumption of Assets and Liabilities, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3886.htm#3886.253 (accessed Jun. 5, 2024).

3886.001
Definitions 3886.002
Nature of District 3886.003
Findings of Public Purpose and Benefit 3886.004
Initial District Territory 3886.005
Eligibility for Inclusion in Special Zones 3886.051
Governing Body 3886.052
Eligibility 3886.053
Vacancy 3886.054
Director’s Oath and Affirmation 3886.055
Officers 3886.101
General Powers and Duties 3886.102
Municipal Management District Powers and Duties 3886.103
Improvement Projects 3886.104
Project Development Agreement Required 3886.105
General Powers Regarding Contracts 3886.106
Rules 3886.107
Name Change 3886.108
Adding or Removing Territory 3886.109
Economic Development 3886.110
No Eminent Domain Power 3886.111
Terms of Employment 3886.151
Elections Regarding Taxes or Bonds 3886.152
Borrowing Money 3886.153
Operation and Maintenance Tax 3886.154
Contract Taxes 3886.201
Authority to Issue Bonds and Other Obligations 3886.202
Taxes for Bonds 3886.203
Bond Issuance Plan Required Before Issuing Bonds 3886.204
Bond Maturity 3886.205
Bonds for Road Projects 3886.251
Dissolution by Town Ordinance 3886.252
Collection of Assessments and Other Revenue 3886.253
Assumption of Assets and Liabilities

Accessed:
Jun. 5, 2024

§ 3886.253’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._spec._dist._local_laws_code_section_3886.253

Original Source: Section 3886.253 — Assumption of Assets and Liabilities, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3886.htm#3886.253 (last accessed Jun. 5, 2024).