Sec. 3886.253. ASSUMPTION OF ASSETS AND LIABILITIES. (a) After the town dissolves the district, the town assumes the obligations of the district, including any bonds or other indebtedness payable from assessments or other district revenue.
(b) If the town dissolves the district, the board shall transfer ownership of all district property to the town.
Added by Acts 2009, 81st Leg., R.S., Ch. 1077 (H.B. 4752), Sec. 1, eff. September 1, 2009.
Section: Previous 3886.108 3886.109 3886.110 3886.111 3886.151 3886.152 3886.153 3886.154 3886.201 3886.202 3886.203 3886.204 3886.205 3886.251 3886.252Last modified: September 28, 2016