1002.206 – SALE OR TRANSFER OF ASSETS AND LIABILITIES. (a)
Texas Special District Local Laws Code § 1002.206
Summary
This law requires that a district cannot be dissolved without ensuring the sale or transfer of its assets and liabilities. It also mandates that such actions must comply with existing trust indentures or bond resolutions related to the district's outstanding bonds.
District dissolution requires asset and liability transfer.
Compliance with trust indentures and bond resolutions is mandatory.
Prevents unauthorized dissolution of the district.
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In simple terms: Learn about Texas's SALE OR TRANSFER OF ASSETS AND LIABILITIES. (a) law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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