Gavvy: Spec. Dist. Loc. Laws Code, Sec. 3947.254. Assumption of Assets and Liabilities.

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Sec. 3947.254. Assumption of Assets and Liabilities.

Sec. 3947.254. ASSUMPTION OF ASSETS AND LIABILITIES. (a) After the city dissolves the district, the city assumes the obligations of the district, including any contractual obligations or bonds or other debt 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 2017, 85th Leg., R.S., Ch. 656 (S.B. 2244), Sec. 1, eff. June 12, 2017.

Gavvy last updated this database on: Sep 6, 2024