Sec. 1037.305. TRANSFER, SALE, OR ADMINISTRATION OF ASSETS. (a) If a majority of the votes in an election held under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Jones County or another governmental entity in Jones County;
(2) sell the assets and liabilities to another person; or
(3) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
(c) If Subsections (a)(1) and (2) do not apply and the board administers the property, assets, and debts of the district under Subsection (a)(3), the district is dissolved when all money has been disposed of and all district debts have been paid or settled.
Added by Acts 2013, 83rd Leg., R.S., Ch. 987 (H.B. 2118), Sec. 1, eff. September 1, 2013.
Section: Previous 1037.204 1037.205 1037.206 1037.207 1037.208 1037.251 1037.252 1037.253 1037.301 1037.302 1037.303 1037.304 1037.305 1037.306 1037.307 NextLast modified: September 28, 2016