Sec. 3501.152. DUTY TO DISSOLVE. (a) The authority shall be dissolved on approval of the City of Lubbock and Lubbock County:
(1) when all the functions of the authority are performed and completed; and
(2) after all debts or obligations have been satisfied or retired with the assets of the authority.
(b) On dissolution, any remaining assets of the authority shall be conveyed or transferred to the City of Lubbock and Lubbock County in proportion to any initial contribution of money made.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Section: Previous 3501.002 3501.003 3501.004 3501.051 3501.052 3501.053 3501.054 3501.055 3501.101 3501.102 3501.103 3501.104 3501.105 3501.106 3501.151Last modified: September 28, 2016