Whenever the board of directors of the authority, by resolution, determines that there
has been substantial compliance with the purposes for which the authority was formed,
and all bonds theretofore issued and all obligations theretofore incurred by the authority
have been fully paid, then the members of the board of directors shall thereupon execute
and file for record in the office of the secretary of state a certificate of dissolution
reciting such facts and declaring the authority to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the
authority. Upon the filing of such certificate of dissolution, the authority shall stand dissolved,
the title to all funds and properties owned by it at the time of such dissolution
shall vest in the municipality, and possession of such funds and properties shall
forthwith be delivered to such municipality.
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