At any time when the 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 a certified copy of the resolution in the office of the Judge of Probate of Lee 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 the city.
Structure Code of Alabama
Chapter 41A - Lee County Municipalities.
Part 1 - Downtown Development Authority.
Section 45-41A-40.01 - Definitions.
Section 45-41A-40.02 - Use of Particular Terms and Phrases.
Section 45-41A-40.03 - Application; Authorization of Incorporation.
Section 45-41A-40.04 - Incorporation Procedures; Contents and Execution of Certificate.
Section 45-41A-40.05 - Amendments to Certificate of Incorporation.
Section 45-41A-40.06 - Board of Directors.
Section 45-41A-40.07 - Officers of the Authority.
Section 45-41A-40.08 - Powers of the Authority.
Section 45-41A-40.09 - Bonds of the Authority.
Section 45-41A-40.10 - Proceeds From Sale of Bond.
Section 45-41A-40.11 - Refunding Bonds.
Section 45-41A-40.12 - Notice of Bond Resolution.
Section 45-41A-40.13 - Exemption From Taxation.
Section 45-41A-40.14 - Liability of City.
Section 45-41A-40.15 - Exemption From Usury and Interest Laws.
Section 45-41A-40.16 - Exemption From Competitive Bid Laws.
Section 45-41A-40.17 - Freedom of the Authority From State Supervision and Control.
Section 45-41A-40.18 - Earnings of the Authority.
Section 45-41A-40.19 - Dissolution of Corporation.
Section 45-41A-40.20 - Existence of Authority to Prevent Subsequent Incorporation.