Tex.
Spec. Dist. Local Laws Code Section 3984.0901
Dissolution
(a)
The board shall dissolve the district on written petition filed with the board by the owners of:(1)
66 percent or more of the assessed value of the property subject to assessment by the district based on the most recent certified county property tax rolls; or(2)
66 percent or more of the surface area of the district, excluding roads, streets, highways, utility rights-of-way, other public areas, and other property exempt from assessment by the district according to the most recent certified county property tax rolls.(b)
The board by majority vote may dissolve the district at any time.(c)
The district may not be dissolved by its board under Subsection (a) or (b) if the district:(1)
has any outstanding bonded indebtedness until that bonded indebtedness has been repaid or defeased in accordance with the order or resolution authorizing the issuance of the bonds;(2)
has a contractual obligation to pay money until that obligation has been fully paid in accordance with the contract; or(3)
owns, operates, or maintains public works, facilities, or improvements unless the district contracts with another person for the ownership, operation, or maintenance of the public works, facilities, or improvements.(d)
Sections 375.261 (Dissolution by Board Vote), 375.262 (Dissolution by Petition by Owners), and 375.264 (Limitations on Dissolution by Board of District with Debt), Local Government Code, do not apply to the district.
Source:
Section 3984.0901 — Dissolution, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3984.htm#3984.0901 (accessed May 4, 2024).
