No part of the net earnings of the authority remaining after payment of its expenses shall inure to the benefit of any persons except that, at such times as no bonds, notes or refunding bonds of the authority are outstanding and unpaid and adequate provision has been made for the full payment of all liabilities, obligations and contracts of the authority, and the authority shall have, by operation of law, been terminated, any assets of the authority, to the extent not necessary for such purposes, shall be paid to the county, to the districts, and to any other municipality represented on the board, in equal proportions. To the extent allowed by this part, nothing contained in this section shall prevent the board from transferring its properties in accordance with the terms of any contract, agreement or covenant entered into or undertaken by the authority.
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