Tex. Spec. Dist. Local Laws Code Section 3903.253
Assumption of Assets and Liabilities


(a)

After the city dissolves the district, the city assumes, subject to the appropriation and availability of funds, the obligations of the district, including any bonds or other debt payable from assessments or other district revenue.

(b)

If the city dissolves the district, the board shall transfer ownership of all district property to the city.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1191 (H.B. 3827), Sec. 1, eff. June 17, 2011.

Source: Section 3903.253 — Assumption of Assets and Liabilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3903.­htm#3903.­253 (accessed Jun. 5, 2024).

3903.001
Definitions
3903.002
Creation and Nature of District
3903.003
Purpose
3903.004
Findings of Benefit and Public Purpose
3903.005
District Territory
3903.006
Eligibility for Inclusion in Special Zones
3903.007
Applicability of Municipal Management Districts Law
3903.008
Liberal Construction of Chapter
3903.051
Governing Body
3903.052
Qualifications of Directors Appointed by City
3903.053
Appointment of Directors
3903.054
Vacancy
3903.055
Director’s Oath or Affirmation
3903.056
Officers
3903.057
Compensation
3903.058
Liability Insurance
3903.059
No Executive Committee
3903.060
Board Meetings
3903.101
General Powers and Duties
3903.102
Development Corporation Powers
3903.103
Nonprofit Corporation
3903.104
Agreements
3903.105
Law Enforcement Services
3903.106
Membership in Charitable Organizations
3903.107
Economic Development
3903.108
Parking Facilities
3903.109
No Eminent Domain Power
3903.131
Improvement Projects and Services
3903.132
Location of Improvement Project
3903.133
Prerequisites for Improvement Projects
3903.134
Additional District Duties Regarding Improvement Projects
3903.135
License and Certification Requirements
3903.151
Disbursements and Transfers of Money
3903.152
Money Used for Improvements or Services
3903.153
Petition Required for Financing Services and Improvements with Assessments
3903.154
Method of Notice for Hearing
3903.155
Assessments
3903.156
Tax and Assessment Abatements
3903.201
Bonds and Other Obligations
3903.202
Bond Maturity
3903.203
Taxes for Bonds and Other Obligations
3903.204
Election Required for Taxes or Bonds
3903.205
Hotel Occupancy Tax
3903.206
Certain Single-family Residential Property Exempt
3903.207
Development Agreement
3903.251
Dissolution by City Ordinance
3903.252
Collection of Assessments and Other Revenue
3903.253
Assumption of Assets and Liabilities

Accessed:
Jun. 5, 2024

§ 3903.253’s source at texas​.gov