At any time when no bonds theretofore issued by the authority or obligations theretofore assumed by the authority are outstanding, the board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon the filing for record of a certified copy of the said resolution in the office of the judge of probate of the determining county, 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 and be divided and apportioned among the determining county and any other county or counties in which any part of the service area may be located, all in such manner and to such extent as may be provided in the authority's certificate of incorporation, as amended; provided, however, that in the absence of a contrary provision in the said certificate of incorporation, as amended, title to real estate and tangible personal property, other than cash, shall vest in the county in which the said real estate or tangible personal property is located and the title to cash on hand and in banks, accounts receivable, choses in action, and other intangible property, other than intangible interest in land, shall vest in all of the counties in which any part of the service area lies. Each such county shall have title to said cash and intangible items as a tenant in common thereof, the fractional interest of each such tenant in common in said items being represented by a fraction the numerator of which is an amount equal to the gross revenues derived by the authority during its then next preceding complete fiscal year from service rendered in that part of its service area within that county and the denominator of which is an amount equal to the gross revenues derived by the authority during the same period from services rendered in its entire service area.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 88 - Water, Sewer and Fire Protection Authorities.
Article 1 - General Provisions.
Section 11-88-1 - Definitions.
Section 11-88-2 - Purpose of Article.
Section 11-88-5 - Authorization and Procedure for Amendment of Certificate of Incorporation.
Section 11-88-5.1 - Ratification of Amendment.
Section 11-88-6 - Board of Directors.
Section 11-88-7.1 - Additional Powers.
Section 11-88-9 - Bonds of Authority - Contracts to Secure Payment of Principal and Interest.
Section 11-88-11 - Bonds of Authority - Disposition of Proceeds From Sale of Bonds.
Section 11-88-14 - Use by Authority of Public Roads Rights-of-Way.
Section 11-88-17 - Exemption of Authority From Usury Laws, Etc.
Section 11-88-20 - Validation of Prior Defective Incorporations Under Provisions of Article.