Whenever the board of any authority shall by resolution determine that the purposes for which the authority was formed have been substantially complied with and any bonds theretofore issued and all obligations theretofore incurred by the authority have been paid, the authority shall thereupon execute and file for record in the office of the judge of probate of the county in which its certificate of incorporation was filed a certificate of dissolution reciting such facts and declaring the authority to be dissolved. Such certificate of dissolution shall be signed by the president or vice president of the authority under its corporate seal.
Upon the filing of such certificate of dissolution the authority shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in equal shares in its authorizing subdivisions and the possession of such funds and properties shall forthwith be delivered to such authorizing subdivisions.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 94 - Port Authorities.
Section 11-94-1 - Definitions.
Section 11-94-2 - Legislative Intent; Liberal Construction of Chapter.
Section 11-94-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-94-8 - Officers of Authority.
Section 11-94-9 - Powers of Authority; Location of Projects.
Section 11-94-11 - Bonds of Authority - Execution.
Section 11-94-12 - Bonds of Authority - Indenture; Lien; Remedies of Bondholders.
Section 11-94-13 - Bonds of Authority - Application of Proceeds.
Section 11-94-14 - Refunding Bonds.
Section 11-94-16 - Disposition of Net Earnings.
Section 11-94-17 - Bonds of Authority as Legal Investments.
Section 11-94-18 - Dissolution of Authority; Vesting of Title to Funds and Property of Authority.
Section 11-94-19 - Exemption From Taxation and Fees.
Section 11-94-20 - Exemption From Usury and Interest Laws.
Section 11-94-21 - Construction of Chapter.
Section 11-94-22 - Applicability of Article 5 of Chapter 6 of Title 8.
Section 11-94-23 - Correction of Errors or Omissions in Incorporation.
Section 11-94-24 - Validation of Incorporation of Certain Port Authorities.
Section 11-94-25 - Revenues to Be Used for Paying Bonds of Authorities.