Sec. 1121.305. TRANSFER OR ADMINISTRATION OF ASSETS. (a) If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets belonging to the district to Cameron County; or
(2) administer the property, assets, and debts of the district 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 assumes all debts and obligations of the district at the time of the transfer and the district is dissolved.
(c) If Subsection (a)(1) does not apply and the board administers the property, assets, and debts of the district under Subsection (a)(2), the district is dissolved when all money has been disposed of and all district debts have been paid or settled.
Added by Acts 2015, 84th Leg., R.S., Ch. 141 (S.B. 2034), Sec. 1, eff. May 28, 2015.
Section: Previous 1121.205 1121.206 1121.207 1121.251 1121.252 1121.253 1121.254 1121.255 1121.256 1121.301 1121.302 1121.303 1121.304 1121.305 1121.306 NextLast modified: September 28, 2016