(a) The board may dissolve the authority if:(1) each municipality in the authority approves the dissolution; and(2) all debts or obligations have been satisfied or retired.(b) Any assets of the authority remaining after all debts or obligations have been satisfied shall be conveyed or transferred to the municipalities in the authority as approved by the board. Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Texas Legal Code