Sec. 3861.253. 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 indebtedness 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 2007, 80th Leg., R.S., Ch. 531 (S.B. 919), Sec. 1, eff. June 16, 2007.
Section: Previous 3861.154 3861.155 3861.156 3861.157 3861.158 3861.159 3861.160 3861.161 3861.201 3861.202 3861.203 3861.204 3861.205 3861.251 3861.252Last modified: September 28, 2016