Texas Special District Local Laws Code 1067.305 – Transfer or Administration of Assets
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(a) If a majority of the votes in an election under this subchapter favor dissolution, the board shall:
(1) transfer the land, buildings, improvements, equipment, and other assets that belong to the district to Cooke County or another governmental entity in Cooke County; or
(2) administer the property, assets, and debts until all money has been disposed of and all district debts have been paid or settled.
(b) If the board makes the transfer under Subsection (a)(1), the county or entity assumes all debts and obligations of the district at the time of the transfer, and the district is dissolved.
Terms Used In Texas Special District Local Laws Code 1067.305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005