Gavvy: Spec. Dist. Loc. Laws Code, Sec. 3897.354. Assumption of Assets and Liabilities.

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Sec. 3897.354. Assumption of Assets and Liabilities.

Sec. 3897.354. ASSUMPTION OF ASSETS AND LIABILITIES. (a) After the municipality dissolves the district, the municipality assumes the obligations of the district, including any debt payable from assessments or other district revenue.

(b) If the municipality dissolves the district, the board shall transfer ownership of all district property to the municipality in which the property is located, or if the property is not located in a municipality, to the county in which the property is located.

Added by Acts 2011, 82nd Leg., R.S., Ch. 656 (S.B. 1184), Sec. 1, eff. June 17, 2011.

Gavvy last updated this database on: Sep 6, 2024