Sec. 3886.253. ASSUMPTION OF ASSETS AND LIABILITIES. (a) After the town dissolves the district, the town assumes the obligations of the district, including any bonds or other indebtedness payable from assessments or other district revenue. (b) If the town dissolves the district, the board shall transfer ownership of all district property to the town. Added by Acts 2009, 81st Leg., R.S., Ch. 1077 (H.B. 4752), Sec. 1, eff. September 1, 2009.
Assumption of Assets and Liabilities
Tex. Special District Local Laws Code § 3886.253, under Chapter 3886. Prosper Management District No. 1.
Tex. Special District Local Laws Code § 3886.253