Sec. 66.403. DISTRIBUTION OF ASSETS. (a) If at the time a district is dissolved, the district has any surplus funds in any of its accounts, the board shall transfer those funds to the county that assumes jurisdiction over the facilities conveyed by the district, and the county receiving the funds shall use those funds to maintain the facilities conveyed.
(b) If more than one county assumes jurisdiction over district facilities, the board shall transfer the funds to each county based on the proportion of the proceeds of all indebtedness incurred by the district to acquire the land and construct the facilities conveyed to that county.
Added by Acts 1985, 69th Leg., ch. 734, Sec. 1, eff. Sept. 1, 1985.
Section: Previous 66.314 66.315 66.316 66.317 66.318 66.319 66.320 66.321 66.322 66.324 66.325 66.326 66.401 66.402 66.403Last modified: September 28, 2016