Sec. 8359.109. DISSOLUTION OF DISTRICT. The district may be dissolved by ordinance or resolution of the governing body of the City of Denison after the date on which at least 95 percent of the infrastructure authorized by this chapter and the Water Code to serve full development in the district has been completed. On dissolution, the City of Denison shall:
(1) take over the property and other assets of the district;
(2) assume all debts, liabilities, or other obligations of the district;
(3) perform the functions of the district; and
(4) pay any landowner or developer for costs and expenses incurred by the landowner or developer in connection with the district that would otherwise be eligible for reimbursement from the proceeds of bonds issued by the district.
Added by Acts 2009, 81st Leg., R.S., Ch. 1071 (H.B. 4737), Sec. 1, eff. September 1, 2009.
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