Gavvy: Spec. Dist. Loc. Laws Code, Sec. 3884.254. Assumption of Assets and Liabilities.

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Sec. 3884.254. Assumption of Assets and Liabilities.

Sec. 3884.254. 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 indebtedness 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 2009, 81st Leg., R.S., Ch. 866 (S.B. 2501), Sec. 1, eff. June 19, 2009.

Gavvy last updated this database on: Sep 6, 2024