(a) If a workforce development center authority does not have any outstanding indebtedness, the board of directors of a workforce development center authority may adopt a resolution, which shall be entered in its minutes, declaring that the workforce development center authority shall be dissolved.
(b) The resolution dissolving the workforce development center authority shall provide for allocation of the workforce development center authority's remaining assets among the sponsors as of the date of dissolution.
(c) Upon the filing for record of a certified copy of the resolution with the Secretary of State, the workforce development center authority is dissolved.
Structure Arkansas Code
Subtitle 4 - Vocational and Technical Education
Chapter 50 - General Provisions
Subchapter 8 - Workforce Development Center Authority Act
§ 6-50-802. Purpose — Construction
§ 6-50-804. Workforce development center authority — Creation — Public corporation — Immunity
§ 6-50-805. Board of directors
§ 6-50-807. Financing generally — Exemption from taxation or assessment