Sec. 3906.353. ASSUMPTION OF ASSETS AND LIABILITIES. If the city dissolves the district:
(1) the city assumes the obligations of the district, including any bonds or other debt payable from assessments or other district revenue; and
(2) the board shall transfer ownership of all district property to the city.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1269 (S.B. 1922), Sec. 1, eff. June 17, 2011.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3906 - Port Isabel Improvement District No. 1
Section 3906.351. Dissolution of District With Outstanding Debt
Section 3906.352. Collection of Assessments and Other Revenue