{"data":{"id":"us-tx/tex.-local-government-code-504.353","jurisdiction":"us-tx","citation":"Tex. Local Government Code § 504.353","heading":"TERMINATION OF EXISTENCE OF CORPORATION.","body":"(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:\n(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\n(2) dispose of the corporation's assets and apply the proceeds to satisfy obligations described by Subdivision (1), to the extent practicable.\n(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.\n(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.\nAdded by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.","path":["LOCAL GOVERNMENT CODE","TITLE 12. PLANNING AND DEVELOPMENT","SUBTITLE C1. ADDITIONAL PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT","CHAPTER 504. TYPE A CORPORATIONS","SUBCHAPTER H. TERMINATION OF CORPORATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/LG/htm/LG.504.htm#504.353","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:27Z","sha256":"c079ceee878a565d44022afa544c5f133440a8f7ce2ba29cbe692107fe870dd7","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-local-government-code-504.352","next":"us-tx/tex.-local-government-code-505.001"},"notice":"GroundRules: Original legal text. Not legal advice."}