For districts created under Texas Water Code, Chapter 49, following the hearing, the commission will enter an appropriate order that the district be dissolved or that the district not be dissolved if it finds that the district has performed none of the functions for which it was created for a period of five consecutive years before the day of the proceeding and the district has no outstanding bonded indebtedness. If the district is ordered dissolved, the order shall contain a provision that the assets of the district shall escheat to the State of Texas and shall be administered by the state treasurer and disposed of in the manner provided by Property Code, Chapter 74.

Source Note:The provisions of this §293.134 adopted to be effective September 5, 1986, 11 TexReg 3748; amended to be effective October 22, 1996, 21 TexReg 9905; amended to be effective February 21, 1999, 24 TexReg 960.