§4545.29. Dissolution of Authority
Whenever the board of directors of the Authority and the participating municipalities then appointing its members shall determine that the purposes for which it was created have been substantially fulfilled or are impractical or impossible of accomplishment and that all bonds theretofore issued and all other obligations theretofore incurred by the Authority have been paid or that cash or a sufficient amount of United States government securities have been deposited for their payment, the board of directors of the Authority and the governing authorities of said participating municipalities may adopt resolutions declaring and finding that the Authority should be dissolved. Upon the adoption of the resolutions of the board of directors of the Authority and the said governing authorities so declaring, such dissolution shall become effective and the title to all funds and other property owned by the Authority at the time of such filing shall vest in the participating municipalities which shall have contracted with the Authority pursuant to this Chapter in the manner specified in such contracts or, if not specified in such contracts, in the resolution of the Authority providing for its dissolution.
Added by Acts 1979, No. 772, §1, eff. July 20, 1979.
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