Sec. 264.004. DISSOLUTION. (a) The commissioners court of a county by order may dissolve an authority created by the commissioners court if the commissioners court and the authority provide for the sale or transfer of the authority's assets and liabilities to the county.
(b) The dissolution of an authority and the sale or transfer of the authority's assets and liabilities may not:
(1) violate a trust indenture or bond resolution relating to the outstanding bonds of the authority; or
(2) diminish or impair the rights of the holders of outstanding bonds, warrants, or other obligations of the authority.
(c) An order dissolving an authority takes effect on the 31st day after the date the commissioners court adopts the order.
(d) All records of the authority remaining when the authority is dissolved shall be transferred to the county clerk of the county in which the authority is located.
Added by Acts 2017, 85th Leg., R.S., Ch. 120 (H.B. 594), Sec. 1, eff. May 26, 2017.
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