Texas Transportation Code - TRANSP § 370.331. Voluntary Dissolution

(1) all debts, obligations, and liabilities of the authority have been paid and discharged or adequate provision has been made for the payment of all debts, obligations, and liabilities;

(2) there are no suits pending against the authority, or adequate provision has been made for the satisfaction of any judgment, order, or decree that may be entered against it in any pending suit;  and

(3) the authority has commitments from other governmental entities to assume jurisdiction of all authority transportation facilities.