Whenever the board of commissioners of an authority and the governing body of the
county for which such authority was created shall by joint resolution determine that
the purposes for which the authority was formed have been substantially fulfilled
and that all bonds theretofore issued and all other obligations theretofore incurred
by the authority have been fully paid or satisfied, such board of commissioners and
governing body may declare the authority to be dissolved. On the effective date of such joint resolution, the title to all funds and other
property owned by the authority at the time of such dissolution shall vest in the
county or in such other political subdivisions as the county shall direct, and possession
of such funds and other property shall forthwith be delivered to the county or to
such other political subdivisions in accordance with the direction of the county.
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