Section 11-62-17 Authority and Procedure for Dissolution of Authority; Vesting of Title to Assets and Properties of Authority Upon Dissolution of Authority; Effect of Dissolution of Authority Upon Formation of Other Such Authorities.

The board may dissolve the authority by resolution if it has no outstanding obligations; once the resolution is filed with the probate judge, the authority is dissolved and any assets pass to the determining municipality.

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Jurisdiction: United States — Alabama
Instrument: Act or statute
Version: Undated source snapshot
Language: en
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asset vesting authority formation dissolution procedure

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Provisions of Section 11-62-17 Authority and Procedure for Dissolution of Authority; Vesting of Title to Assets and Properties of Authority Upon Dissolution of Authority; Effect of Dissolution of Authority Upon Formation of Other Such Authorities.

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Section 11-62-17 Authority and Procedure for Dissolution of Authority; Vesting of Title to Assets and Properties of Authority Upon Dissolution of Authority; Effect of Dissolution of Authority Upon Formation of Other Such Authorities.
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AI-assisted research summary: The board may dissolve the authority by resolution if it has no outstanding obligations; once the resolution is filed with the probate judge, the authority is dissolved and any assets pass to the determining municipality.

(a) At any time when any authority does not have any bonds, notes, or other obligations outstanding and when there shall be no other obligations assumed by such authority that are then outstanding, the board of such authority may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. (b) Upon the filing for record of a certified copy of said resolution in the office of the judge of probate in which the authority’s certificate of incorporation was filed, the authority shall thereupon stand dissolved and, in the event it owned any assets or property at the time of its dissolution, the title to all such assets or property shall thereupon vest in the determining municipality. (c) The formation or dissolution of one or more authorities authorized by any determining municipality shall not prevent the subsequent formation of other authorities authorized by the same determining municipality.

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Section 11-62-17 Authority and Procedure for Dissolution of Authority; Vesting of Title to Assets and Properties of Authority Upon Dissolution of Authority; Effect of Dissolution of Authority Upon Formation of Other Such Authorities.

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Provisions of Section 11-62-17 Authority and Procedure for Dissolution of Authority; Vesting of Title to Assets and Properties of Authority Upon Dissolution of Authority; Effect of Dissolution of Authority Upon Formation of Other Such Authorities.

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