Whenever the board of directors of the authority, by resolution, determines that there has been substantial compliance with the purposes for which the authority was formed, and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, then the members of the board of directors shall thereupon execute and file for record in the office of the secretary of state a certificate of dissolution reciting such facts and declaring the authority to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the authority. Upon the filing of such certificate of dissolution, the authority shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 65 - Parking Authority Act
§ 7-65-102. Chapter Definitions
§ 7-65-112. Security for Bonds
§ 7-65-114. Use of Bond Proceeds
§ 7-65-115. Exemption From Taxation
§ 7-65-116. Nonliability of Municipality
§ 7-65-118. Nonprofit Corporation — Disposition of Earnings
§ 7-65-119. Completion of Corporate Purpose — Dissolution
§ 7-65-121. Law Complete in Itself
§ 7-65-123. Powers Additional to Those Granted by Other Laws