Sec. 8342.004.  CONSENT OF MUNICIPALITY AND DEVELOPMENT AGREEMENT REQUIRED.  (a)  The temporary directors may not hold an election under Section 8342.003 until each municipality in whose corporate limits or extraterritorial jurisdiction the district is located has:
(1)  consented by ordinance or resolution to the creation of the district; and
(2)  entered into a development agreement with the majority owner of the assessed value of the real property in the district.
(b)  If a development agreement required under Subsection (a)(2) has not been entered into before September 1, 2010:
(1)  the district is dissolved September 1, 2010, except that:
(A)  any debts incurred shall be paid;
(B)  any assets that remain after the payment of debts shall be transferred to Hood County; and
(C)  the organization of the district shall be maintained until all debts are paid and remaining assets are transferred; and
(2)  this chapter expires September 1, 2013.
Added by Acts 2009, 81st Leg., R.S., Ch. 422 (H.B. 2035), Sec. 1, eff. September 1, 2009.