The authority and its corporate existence shall continue until terminated by law,
provided, however, that no such law shall take effect so long as the authority shall
have bonds, notes or other obligations outstanding. Upon termination of the existence of the authority all its rights, property, assets
and funds shall pass to and be vested in the state. For the purposes of this section, any appropriation or advance made to the authority
by the state, which has not been repaid, shall not be deemed to be an outstanding
obligation of the authority.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.