Sec. 49.354.  DISSOLUTION OF CONSOLIDATED DISTRICT.  (a)  If the legislature abolishes ad valorem taxes for public school maintenance and operations and adopts another method of funding public education, the board of trustees of a consolidated district created under this subchapter may dissolve the consolidated district, provided that the dissolution is approved by a majority of those voters residing within the district participating in an election called for the purpose of approving the dissolution of the consolidated school district.
(b)  If a consolidated district is dissolved, each of the former districts is restored as a separate district and is classified as an independent district.
(c)  Title to real property of the consolidated district is allocated to the restored district in which the property is located.  Title to proportionate shares of the fund balances and personal property of the consolidated district, as determined by Subsection (e), are allocated to each restored district.
(d)  Each of the restored districts assumes and is liable for:
(1)  indebtedness of the consolidated district that relates to real property allocated to the district; and
(2)  a proportionate share, as determined by Subsection (e), of indebtedness of the consolidated district that does not relate to real property.
(e)  A restored district's proportionate share of fund balances, personal property, or indebtedness is equal to the proportion that the number of students in average daily attendance in the restored district bears to the number of students in average daily attendance in the consolidated district.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Transferred, redesignated and amended from Education Code, Subchapter H, Chapter 41 by Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 1.060, eff. September 1, 2019.