Sec. 62.161.  SETTLEMENT BY CORPORATE OFFICERS.  (a)  If a municipality or de facto municipality that has indebtedness outstanding is abolished, declared void by a court of competent jurisdiction, or ceases to operate and exercise municipal functions, the municipality's officers at the time the municipality is dissolved or ceases to function shall:
(1)  take control of the municipality's property;
(2)  sell and dispose of the municipality's property;  and
(3)  settle the debts owed by the municipality.
(b)  For the purpose of settling the debts of the municipality, the former municipal officers may levy and collect a tax on the residents of the municipality in the same manner as the municipality could have done.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.