Sec. 8342.109. LIMITATION ON DISSOLUTION OF DISTRICT. (a) Before the issuance of bonds, the district or any new district created by the division of the district may not be dissolved unless the dissolution is approved by:
(1) the board;
(2) the majority owner of the assessed value of the real property in the district or the new district, as applicable; and
(3) the governing body of each municipality in whose corporate limits or extraterritorial jurisdiction the district or the new district is located.
(b) The district or any new district may not be dissolved if it has outstanding bonded debt unless:
(1) all the property in the district or the new district is annexed by a municipality;
(2) the dissolution is approved by the governing body of the municipality; and
(3) the bonded debt and developer reimbursement obligations of the district or the new district are assumed by the municipality in whose corporate limits or extraterritorial jurisdiction the district or the new district is located or by another entity approved by the municipality.
(c) A dissolution subject to Subsection (b) is effective when all outstanding bonded debt and developer reimbursement obligations have been discharged.
Added by Acts 2009, 81st Leg., R.S., Ch. 422 (H.B. 2035), Sec. 1, eff. September 1, 2009.
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