Alabama § 11-71-10 Dissolution and Liquidation of Authority

Alabama Statutes

§ 11-71-10 — Dissolution and Liquidation of Authority

Alabama·Title 11 Counties and Municipal Corporations·Ch. 71 The Neighborhood Infrastructure Incentive Plan Act of 2011

If at any time an authority has no assessments outstanding, and has paid all its indebtedness, and distributed any excess funds, the board may adopt a resolution recommending to the municipality that the authority be dissolved and liquidated. Upon delivery of a copy of the resolution to the municipality, if it considers it expedient, the municipality may adopt a resolution declaring the authority dissolved. Upon declaring the authority dissolved, the authority shall dedicate the facilities and revitalization projects to the municipality. The municipality must formally accept such dedicated facilities and projects before it agrees to assume the legal obligation to maintain the facilities and projects.

Free access — add to your briefcase to read the full text and ask questions with AI

If at any time an authority has no assessments outstanding, and has paid all its indebtedness, and distributed any excess funds, the board may adopt a resolution recommending to the municipality that the authority be dissolved and liquidated. Upon delivery of a copy of the resolution to the municipality, if it considers it expedient, the municipality may adopt a resolution declaring the authority dissolved. Upon declaring the authority dissolved, the authority shall dedicate the facilities and revitalization projects to the municipality. The municipality must formally accept such dedicated facilities and projects before it agrees to assume the legal obligation to maintain the facilities and projects.

Alabama § 11-71-10 (Dissolution and Liquidation of Authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.