Texas Health and Safety Code 264.004 – Dissolution
Current as of: 2024 | Check for updates
|
Other versions
(a) The commissioners court of a county by order may dissolve an authority created by the commissioners court if the commissioners court and the authority provide for the sale or transfer of the authority’s assets and liabilities to the county.
(b) The dissolution of an authority and the sale or transfer of the authority’s assets and liabilities may not:
(1) violate a trust indenture or bond resolution relating to the outstanding bonds of the authority; or
(2) diminish or impair the rights of the holders of outstanding bonds, warrants, or other obligations of the authority.
Terms Used In Texas Health and Safety Code 264.004
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) An order dissolving an authority takes effect on the 31st day after the date the commissioners court adopts the order.
(d) All records of the authority remaining when the authority is dissolved shall be transferred to the county clerk of the county in which the authority is located.