At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the authority and sworn to by each such member before an officer authorized to take acknowledgments to deeds. Upon the filing of such application for dissolution, the authority shall cease to exist. The Secretary of State shall file and record the application for dissolution in an appropriate book of record in his office, and shall make and issue, under the Great Seal of the State, a certificate that the authority is dissolved and shall record such certificate with the application for dissolution.
Structure Code of Alabama
Chapter 16 - Alabama Public School and College Authority.
Section 16-16-1 - Definitions.
Section 16-16-3 - Incorporation Authorized.
Section 16-16-4 - Application for Incorporation.
Section 16-16-5 - Issuance and Recording of Certificate of Incorporation; No Fees to Be Paid.
Section 16-16-7 - Powers Generally.
Section 16-16-10 - Disposition of Proceeds of Bonds.
Section 16-16-11 - Pledge of Revenues for Payment of Bonds.
Section 16-16-12 - Payment of Principal and Interest on Bonds.
Section 16-16-13 - Dissolution of Authority.
Section 16-16-14 - Use of Bond Proceeds for Loans to Local Boards of Education.
Section 16-16-14.1 - Sale of Bonds and Other Details of Bonds.
Section 16-16-14.2 - Legislative Intent.
Section 16-16-15 - Incentive Fund and Council.