1008.156 – SALE OR TRANSFER OF ASSETS AND LIABILITIES. (a)
Texas Special District Local Laws Code § 1008.156
Summary
This law mandates that a district cannot be dissolved without ensuring that its assets and liabilities are sold or transferred appropriately. It protects the interests of bondholders by requiring compliance with existing trust indentures or bond resolutions during the dissolution process.
Districts must transfer assets and liabilities before dissolution.
Dissolution cannot violate existing bond agreements.
Ensures protection for bondholders' interests.
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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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