If at any time an authority has no assessments outstanding, and has paid all its indebtedness, and distributed any excess funds, the board may adopt a resolution recommending to the municipality that the authority be dissolved and liquidated. Upon delivery of a copy of the resolution to the municipality, if it considers it expedient, the municipality may adopt a resolution declaring the authority dissolved. Upon declaring the authority dissolved, the authority shall dedicate the facilities and revitalization projects to the municipality. The municipality must formally accept such dedicated facilities and projects before it agrees to assume the legal obligation to maintain the facilities and projects.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 71 - The Neighborhood Infrastructure Incentive Plan Act of 2011.
Section 11-71-1 - Legislative Findings.
Section 11-71-2 - Short Title; Definitions.
Section 11-71-3 - Creation of Neighborhood Infrastructure Authority.
Section 11-71-4 - Powers of Authority.
Section 11-71-5 - Liability; Civil Actions.
Section 11-71-6 - Terms of Office; Vacancies.
Section 11-71-7 - Contracts; Funding.
Section 11-71-8 - Refunding of Excess Funds.
Section 11-71-9 - Dedication of Facilities and Projects.
Section 11-71-10 - Dissolution and Liquidation of Authority.