If the board of directors of an authority or the governing body of the creating municipality by resolution determines that the purposes for which the authority was formed have been substantially accomplished 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 or the executive officers of the municipality, as the case may be, 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 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 with respect to which the authority was organized, 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 90 - Medical School Authorities Act of 2010
§ 7-90-103. Chapter Definitions
§ 7-90-109. Organization — Powers of the Authority
§ 7-90-113. Exemption From Taxation
§ 7-90-116. Execution of Leases, Contracts, Deeds, Instruments in Writing
§ 7-90-117. Nonprofit Corporation — Disposition of Earnings
§ 7-90-118. Completion of Corporate Purpose — Dissolution
§ 7-90-120. Acquisition of Project Sites
§ 7-90-121. Construction of Chapter — Powers Not Restricted
§ 7-90-124. Project Subject to Capital Outlay Priority Policies of Higher Education Governing Board