(a) At any time when any authority does not have any bonds, notes, or other obligations outstanding and when there shall be no other obligations assumed by such authority that are then outstanding, the board of such authority may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved.
(b) Upon the filing for record of a certified copy of said resolution in the office of the judge of probate in which the authority's certificate of incorporation was filed, the authority shall thereupon stand dissolved and, in the event it owned any assets or property at the time of its dissolution, the title to all such assets or property shall thereupon vest in the determining municipality.
(c) The formation or dissolution of one or more authorities authorized by any determining municipality shall not prevent the subsequent formation of other authorities authorized by the same determining municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 62 - Municipal Special Health Care Facility Authorities.
Section 11-62-1 - Definitions.
Section 11-62-2 - Legislative Findings and Declarations.
Section 11-62-4 - Amendment of Certificate of Incorporation.
Section 11-62-5 - Board of Directors.
Section 11-62-7 - Powers of Authority Generally; Operation of Facilities by Authority.
Section 11-62-10 - Refunding Bonds and Notes.
Section 11-62-11 - Investment in Bonds and Notes by State, Counties, Municipalities, Etc.
Section 11-62-12 - Establishment and Maintenance of Special Debt Service Reserve Funds, Etc.
Section 11-62-15 - Disposition of Net Earnings of Authority.
Section 11-62-18 - Exemptions of Authority - Taxation.
Section 11-62-19 - Exemptions of Authority - Usury and Interest Laws.
Section 11-62-20 - Exemptions of Authority - Competitive Bid Laws.