(1) Subject to the other provisions of this section, the board may dissolve the authority: (a) if the board determines that the authority can no longer comply with the requirements of this chapter; and (b) by a vote of at least five members of the board.
(a) if the board determines that the authority can no longer comply with the requirements of this chapter; and
(b) by a vote of at least five members of the board.
(2) The authority may not be dissolved if the authority has any of the following: (a) an outstanding bonded indebtedness; (b) an unpaid loan, indebtedness, or advance; or (c) a legally binding contractual obligation with a person other than the state.
(a) an outstanding bonded indebtedness;
(b) an unpaid loan, indebtedness, or advance; or
(c) a legally binding contractual obligation with a person other than the state.
(3) Upon the dissolution of the authority: (a) the Governor's Office of Economic Development shall publish a notice of dissolution: (i) in a newspaper of general circulation in each county in which a qualifying energy delivery project is located; and (ii) electronically, in accordance with Section 45-1-101; (b) the authority shall deposit its records with the state auditor, to be retained for the time period determined by the state auditor; and (c) the assets of the authority shall revert to the state.
(a) the Governor's Office of Economic Development shall publish a notice of dissolution: (i) in a newspaper of general circulation in each county in which a qualifying energy delivery project is located; and (ii) electronically, in accordance with Section 45-1-101;
(i) in a newspaper of general circulation in each county in which a qualifying energy delivery project is located; and
(ii) electronically, in accordance with Section 45-1-101;
(b) the authority shall deposit its records with the state auditor, to be retained for the time period determined by the state auditor; and
(c) the assets of the authority shall revert to the state.
(4) The authority shall pay the expenses of dissolution and winding up the affairs of the authority.
(5) If a dissolution under this section is part of a privatization of the authority, the dissolution is subject to Title 63E, Chapter 1, Part 4, Privatization of Independent Entities.
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