Tex. Spec. Dist. Local Laws Code Section 3954.253
Assumption of Assets and Liabilities

(a)

After the city dissolves the district, the city assumes 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 2017, 85th Leg., R.S., Ch. 804 (H.B. 4303), Sec. 3, eff. September 1, 2017.

Source: Section 3954.253 — Assumption of Assets and Liabilities, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3954.htm#3954.253 (accessed Jun. 5, 2024).

3954.001
Definitions 3954.002
Creation and Nature of District 3954.003
Purpose 3954.004
Findings of Benefit and Public Purpose 3954.005
Initial District Territory 3954.006
Eligibility for Inclusion in Special Zones 3954.007
Confirmation and Directors’ Election Required 3954.008
City Consent and Development Agreement Execution Required 3954.009
Applicability of Municipal Management District Law 3954.010
Conflict with Regional Water District 3954.011
Construction of Chapter 3954.051
Governing Body 3954.052
Initial Directors 3954.053
Compensation 3954.101
General Powers and Duties 3954.102
Improvement Projects and Services 3954.103
Adding or Removing Territory 3954.104
Eminent Domain 3954.105
Division of District 3954.151
Disbursements and Transfers of Money 3954.152
Money Used for Improvements or Services 3954.153
Method of Notice for Hearing 3954.154
Assessments 3954.155
Residential Property Not Exempt 3954.201
Bonds and Other Obligations 3954.202
Elections Regarding Taxes and Bonds 3954.203
Taxes for Bonds 3954.204
Operation and Maintenance Tax 3954.205
Contract Taxes 3954.251
Dissolution by City Ordinance 3954.252
Collection of Assessments and Other Revenue 3954.253
Assumption of Assets and Liabilities

Accessed:
Jun. 5, 2024

§ 3954.253’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._spec._dist._local_laws_code_section_3954.253

Original Source: Section 3954.253 — Assumption of Assets and Liabilities, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3954.htm#3954.253 (last accessed Jun. 5, 2024).