Sec. 3903.253. 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 2011, 82nd Leg., R.S., Ch. 1191 (H.B. 3827), Sec. 1, eff. June 17, 2011.
Section: Previous 3903.151 3903.152 3903.153 3903.154 3903.155 3903.156 3903.201 3903.202 3903.203 3903.204 3903.205 3903.206 3903.207 3903.251 3903.252Last modified: September 28, 2016