Texas Local Government Code 335.153 – Assets and Liabilities
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(a) The assets and liabilities of a district dissolved under this subchapter shall be transferred to the county in which the district is located.
(b) After payment of district liabilities, the county shall use the district assets that remain for an approved venue project of the county.
Terms Used In Texas Local Government Code 335.153
- 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.
- Venue: The geographical location in which a case is tried.