Sec. 370.331.  VOLUNTARY DISSOLUTION.  (a)  An authority may not be dissolved unless the dissolution is approved by the commission.
(b)  A board may submit a request to the commission for approval to dissolve.
(c)  The commission may approve a request to dissolve only if:
(1)  all debts, obligations, and liabilities of the authority have been paid and discharged or adequate provision has been made for the payment of all debts, obligations, and liabilities;
(2)  there are no suits pending against the authority, or adequate provision has been made for the satisfaction of any judgment, order, or decree that may be entered against it in any pending suit;  and
(3)  the authority has commitments from other governmental entities to assume jurisdiction of all authority transportation facilities.
Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.