Special District Local Laws Code § 1015.307

Sec. 1015.307. DISPOSITION OR TRANSFER OF ASSETS AND DEBTS. (a) The board may not dispose of or transfer the district's assets except for due compensation unless: (1) the debts are transferred to another governmental entity embracing the district; and (2) the transferred assets are used for the benefit of citizens formerly in the district. (b) If the board transfers the district's debts to another governmental entity, the board shall also transfer to that governmental entity: (1) title to land, buildings, improvements, and equipment related to the hospital system owned by the district; and (2) operating money and reserves for operating expenses and money budgeted by the district to provide medical care for district residents for the remainder of the fiscal year in which the district is dissolved. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.