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 resolution in the office of the judge of probate of the county in which the authority was formed pursuant to Section 11-92C-4, the authority shall 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 subdivision or private user as required by any agreement with any private user.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Section 11-92C-1 - Legislative Intent.
Section 11-92C-2 - Definitions.
Section 11-92C-4 - Procedure to Incorporate; Contents and Execution of Certificate of Incorporation.
Section 11-92C-5 - Amendments to Certificate of Incorporation.
Section 11-92C-6 - Board of Directors to Govern Each Authority.
Section 11-92C-7 - Officers of Authority.
Section 11-92C-8 - Powers of Authority.
Section 11-92C-9 - Bonds of Authority.
Section 11-92C-10 - Proceeds From the Sale of Bonds.
Section 11-92C-11 - Refunding Bonds.
Section 11-92C-12 - Notice of Bond Resolution.
Section 11-92C-13 - Exemption From Taxation.
Section 11-92C-14 - Liability of Authorizing Subdivision.
Section 11-92C-15 - Failure to Pay Past Due Assessments.
Section 11-92C-16 - Exemption From Usury Laws.
Section 11-92C-17 - Exemption From Competitive Bid Laws.
Section 11-92C-18 - Freedom of Authority From State Supervision and Control.
Section 11-92C-19 - Earnings of Authority.
Section 11-92C-20 - Dissolution of Authority and Vesting of Title to Property.