Alabama § 11-57-24 Authority and Procedure for Dissolution of Authorities; Vesting of Title to Assets or Properties Thereof in Municipalities Upon Dissolution; Formation of Authorities Not to Prevent Subsequent Formation of Other Authorities by Same Municipalities

Alabama Statutes

§ 11-57-24 — Authority and Procedure for Dissolution of Authorities; Vesting of Title to Assets or Properties Thereof in Municipalities Upon Dissolution; Formation of Authorities Not to Prevent Subsequent Formation of Other Authorities by Same Municipalities

Alabama·Title 11 Counties and Municipal Corporations·Ch. 57 Public Library Authorities

(a)At any time when the authority does not have any bonds outstanding, the board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon the filing for record of a certified copy of said resolution in the office of the judge of probate of the county, the authority shall thereupon stand dissolved; and, in the event that it owned any assets or property at the time of its dissolution, the title to all its assets and property shall thereupon vest in the municipality. In the event the authority shall at any time have outstanding bonds issued hereunder payable out of the revenues of different projects, then as and when the principal of and interest on all bonds payable from the revenues derived from any project shall have been

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(a) At any time when the authority does not have any bonds outstanding, the board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon the filing for record of a certified copy of said resolution in the office of the judge of probate of the county, the authority shall thereupon stand dissolved; and, in the event that it owned any assets or property at the time of its dissolution, the title to all its assets and property shall thereupon vest in the municipality. In the event the authority shall at any time have outstanding bonds issued hereunder payable out of the revenues of different projects, then as and when the principal of and interest on all bonds payable from the revenues derived from any project shall have been paid in full, title to the project with respect to which the bonds so paid in full have been paid shall thereupon vest in the municipality, but such vesting of title in the municipality shall not affect the title of the authority to any other project the revenues from which are pledged to the payment of any other bonds then outstanding.
(b) The formation of one or more public corporations under the provisions of this chapter shall not prevent the subsequent formation under this chapter of other public corporations pursuant to permission granted by the same municipality.

Alabama § 11-57-24 (Authority and Procedure for Dissolution of Authorities; Vesting of Title to Assets or Properties Thereof in Municipalities Upon Dissolution; Formation of Authorities Not to Prevent Subsequent Formation of Other Authorities by Same Municipalities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.