Sec. 55.805.  PAYMENT OF DEBTS ON DISSOLUTION OF DISTRICT.  (a)  All debts of districts dissolved under the provisions for the dissolution of districts in this subchapter shall be prorated against the lands in the district in accordance with the assessed valuation for the preceding year of the lands owned by each separate landowner, according to the tax rolls in the office of the tax collector of the county in which the land is located.
(b)  The pro rata assessments shall be paid within five years from the date of dissolution in five equal annual installments or at any time within the five-year period.
(c)  Any allowed claim owned by a landowner against whom a pro rata assessment has been made shall be credited on the liquidation of the assessment.  All prior payments made by any landowner of the dissolved district shall be credited on the assessment against him and his land.
(d)  The issuance of a receipt for the payment of the assessment by the proper official as provided in Chapter 56 of this code shall release the owner of the assessments and his land from the liens.  The receipts may be recorded in the real estate records of the county or counties in which the land of the owner is located.
(e)  When the assessment has been paid, the landowner is released automatically from the debt, and his land is released from all liens existing as security for the assessment.
Acts 1971, 62nd Leg., p. 497, ch. 58, Sec. 1, eff. Aug. 30, 1971.