(1) The governing authorities of a municipality may dissolve a port commission created under this article by adopting a resolution in which they determine that the dissolution of the port commission is in the best interest of the citizens of the municipality and authorizing the municipality to assume the powers and duties of the port commission.
(2) After the adoption of the dissolution resolution, the port commission shall enter into an agreement with the municipality which shall provide for:
(a) the transfer of all powers, duties, and responsibilities of the port commission to the municipality;
(b) the transfer of all property and assets, real and personal, of the port commission to the municipality;
(c) the assignment of all contracts, leases, agreements and revenue generated by the port commission to the municipality;
(d) the assumption by the municipality of all just claims and obligations of the port commission associated with the operation and maintenance of the port facilities; and
(e) any other provisions necessary for the implementation of the dissolution.
(3) All tax levies and assessments used for existing bonded indebtedness shall continue until such indebtedness is paid.
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