Texas Water Code 51.787 – Discharge of District’s Obligations by Trustee
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(a) The trustee shall reduce all assets and resources of the district to possession and money and apply them to discharge the outstanding obligations of the district, having regard to specific funds.
(b) If required, the board shall levy, assess, and collect sufficient additional taxes to pay all necessary expenses and outstanding obligations of the district.
Terms Used In Texas Water Code 51.787
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trustee: A person or institution holding and administering property in trust.