At any time when an authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record of a certified copy of the said resolution in the office of the judge of probate of the county with which the authority's certificate of incorporation is filed, the authority shall thereupon stand dissolved and in the event it owned any property at the time of its dissolution, the title to all its properties shall thereupon pass to the authorizing municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Article 6 - Commercial Development Authorities.
Section 11-54-170 - Legislative Intent; Liberal Construction.
Section 11-54-171 - Definitions.
Section 11-54-172 - Meaning of "Herein," etc.; Construction of Definitions.
Section 11-54-177 - Officers of the Authority.
Section 11-54-178 - Powers of Authority; Location of Projects; Public Meetings.
Section 11-54-179 - Bonds of Authority Generally.
Section 11-54-180 - Proceeds From Sale of Bonds.
Section 11-54-181 - Refunding Bonds.
Section 11-54-183 - Exemption From Certain Taxes and Fees.
Section 11-54-184 - Nonliability of Authorizing Municipality.
Section 11-54-185 - Exemption From Usury and Interest Laws.
Section 11-54-186 - Exemption From Competitive Bid Laws.
Section 11-54-187 - Freedom of Authority From State Supervision and Control.
Section 11-54-188 - Earnings of an Authority.
Section 11-54-190 - Incorporation of Another Authority by Same Municipality.