Sec. 3868.251. DISSOLUTION BY TOWN ORDINANCE. (a) The town may dissolve the district by ordinance.
(b) The town may not dissolve the district until:
(1) the district's outstanding indebtedness or contractual obligations have been repaid or discharged; or
(2) the town agrees to succeed to the rights and obligations of the district.
(c) The town may not dissolve the district until:
(1) each party to the development agreement fulfills the party's obligations under the agreement; and
(2) the district fulfills the district's obligation to pay or reimburse a developer or owner for the costs of improvement projects and services undertaken by the district.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1190 (H.B. 3819), Sec. 1, eff. September 1, 2011.
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