Sec. 3874.254. 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 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 2009, 81st Leg., R.S., Ch. 586 (S.B. 2466), Sec. 1, eff. June 19, 2009.
Section: Previous 3874.109 3874.110 3874.151 3874.152 3874.153 3874.154 3874.155 3874.156 3874.157 3874.158 3874.159 3874.160 3874.251 3874.252 3874.253Last modified: September 28, 2016