Sec. 1120.305.  TRANSFER OR ADMINISTRATION OF ASSETS.  (a)  If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1)  transfer the land, buildings, improvements, equipment, and other assets belonging to the district to Wood County or another governmental entity in Wood County; or
(2)  administer the property, assets, and debts of the district until all money has been disposed of and all district debts have been paid or settled.
(b)  If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer and the district is dissolved.
(c)  If Subsection (a)(1) does not apply and the board administers the property, assets, and debts of the district under Subsection (a)(2), the district is dissolved when all money has been disposed of and all district debts have been paid or settled.
Added by Acts 2015, 84th Leg., R.S., Ch. 893 (H.B. 4212), Sec. 1, eff. June 18, 2015.