Sec. 1030.305.  DISPOSITION OR TRANSFER OF DISTRICT ASSETS; DECLARATION OF DISSOLUTION.  (a)  A board order issued under Section 1030.304 that disposes of district assets must satisfy the district's debts and bond obligations in a manner that protects the interests of citizens in the district, including the citizens' collective property rights in the district's assets and property.
(b)  In connection with an election in favor of dissolution, the board may not dispose of or transfer the district's assets except for due compensation unless:
(1)  the assets are transferred to another governmental agency, such as a county, embracing the district; and
(2)  the transferred assets are to be used for the benefit of citizens formerly in the district.
(c)  A grant from federal funds, however dispensed, is an obligation to be repaid in satisfaction.
(d)  On completion of the requirements of this section, the board shall declare the district dissolved.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.