Texas Water Code 49.219 – Acquisition of Existing Facilities
Terms Used In Texas Water Code 49.219
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commission: means the Texas Natural Resource Conservation Commission. See Texas Water Code 49.001
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- District: means any district or authority created by authority of either Sections Texas Water Code 49.001
- Special water authority: means a river authority as that term is defined in Section 30. See Texas Water Code 49.001
Any district may acquire by agreement all or any part of existing water, sanitary sewer, or drainage systems of any water supply corporation, including works, improvements, facilities, plants, equipment, appliances, contract rights, and other assets and rights that are completed, partially completed, or under construction, and in connection therewith a district may assume all or any part of the contracts, indebtedness, or obligations of the corporation related to said systems, including any contracts, indebtedness, or obligations related to or payable from the revenues of said systems, and may perform all or any part of the obligations of said corporation in the same manner and to the same extent that any other purchaser or assignee could be bound on any such contracts, indebtedness, or obligations. Before assuming any indebtedness or obligations of such corporation related to any such system, a district other than a special water authority shall obtain the approval of the commission of such assumption.