Sec. 8364.073. PETITION TO LEAVE AUTHORITY. (a) A member entity may petition the board to leave the authority.
(b) If the authority determines that allowing the member entity to leave the authority will not impair any outstanding bonds or other obligations of the authority on the date the board receives the petition, the board may approve the petition.
(c) If on the date the board receives the petition the authority has bonds or other obligations outstanding for which the member entity seeking to leave is wholly or partly responsible, the board may approve the petition only if:
(1) the member entity agrees to pay its share of the bonds or other obligations; and
(2) the authority determines that as a result of that payment the remaining bonds or other obligations of the authority will not be impaired.
Added by Acts 2011, 82nd Leg., R.S., Ch. 525 (H.B. 2360), Sec. 1, eff. June 17, 2011.
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