Sec. 3862.254. ASSUMPTION OF ASSETS AND LIABILITIES. (a) After the city dissolves the district, the city assumes, subject to the appropriation and availability of funds, the obligations of the district, including any bonds or other debt 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 2013, 83rd Leg., R.S., Ch. 1365 (S.B. 1601), Sec. 1, eff. June 14, 2013.
Section: Previous 3862.110 3862.151 3862.152 3862.153 3862.154 3862.155 3862.156 3862.157 3862.201 3862.202 3862.203 3862.204 3862.251 3862.252 3862.253Last modified: September 28, 2016