Texas Local Government Code 601.044 – Duration
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(a) An authority ceases to exist 25 years after the date it is created, except that the municipality that created the authority may extend its existence for not more than 10 years by filing a certified ordinance with the secretary of state.
(b) An authority continues to exist until its liabilities and bonds issued by its board or by the municipality on its behalf have been paid.
Terms Used In Texas Local Government Code 601.044
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Property: means real and personal property. See Texas Government Code 311.005
(c) When an authority ceases to exist, its rights and property pass to the municipality.