Tex. Local Government Code § 504.353
TERMINATION OF EXISTENCE OF CORPORATION
Texas · Texas Local Government Code · Status: effective
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- Tex. Local Government Code § 504.353, TERMINATION OF EXISTENCE OF CORPORATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/694150
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Full text
(a) If a majority of voters voting on the issue at an election held under Section 504.351 approve the termination, the Type A corporation shall:
(1) continue operations only as necessary to pay the principal of and interest on the corporation's bonds and to meet obligations incurred before the date of the election; and
(2) dispose of the corporation's assets and apply the proceeds to satisfy obligations described by Subdivision (1), to the extent practicable.
(b) When the last of the Type A corporation's obligations are satisfied, any remaining assets of the corporation shall be transferred to the authorizing municipality, and the existence of the corporation is terminated.
(c) A tax imposed under this chapter may not be collected after the last day of the first calendar quarter that begins after the Type A corporation notifies the comptroller that the last of the corporation's obligations has been satisfied.