§ 901-50. Dissolution of the Authority

(a)(1) Upon the affirmative vote of directors representing at least two-thirds of all votes entitled to be cast on behalf of all members and comprising at least two-thirds of the directors present, the Board may prepare a plan of dissolution for submission to the voters of the Authority at a special meeting of the Authority duly warned for such purposes.

(2) If the voters of the Authority present and voting at such special meeting of the Authority vote to dissolve the Authority, the Authority shall cease to conduct its affairs except insofar as may be necessary to complete the plan of dissolution and conclude its affairs.

(3) The Board of Directors shall cause a notice of the plan of dissolution to be mailed to each known creditor of the Authority and to the Secretary of State.

(b) The plan of dissolution shall, at a minimum:

(1) identify and value all assets of the Authority;

(2) identify all liabilities of the Authority, including contract obligation;

(3) determine how the assets of the Authority shall be liquidated and how the liabilities and obligations of the Authority shall be paid, to include assessments against municipalities of the Authority; and

(4) specify that any assets remaining after payment of all liabilities shall be apportioned and distributed among the municipalities according to the same basic formula used in apportioning the costs of the Authority to the municipalities.

(c) When the plan of dissolution has been fully implemented, the Board shall certify that fact to the members whereupon this chapter and the Authority shall be terminated. (Added 2013, No. M-17 (Adj. Sess.), § 2, eff. May 20, 2014.)