§ 23-15-121 — Conveyance of title - release of lien

When the principal of and
interest on bonds issued by the authority to finance the cost of facilities or to
refinance the outstanding indebtedness of one or more participating educational
institutions or cultural institutions, including any refunding bonds issued to refund
and refinance such bonds, have been fully paid and retired or when adequate
provision has been made to fully pay and retire the same and when all other
conditions of the resolution, the lease, the trust indenture, and the mortgage, deed
of trust, or other form of security arrangement, if any, authorizing and securing the
same have been satisfied, the authority shall promptly do all things and execute
such deeds, conveyances, and other documents as are necessary and required to
release the lien of such mortgage, deed of trust, or other form of security
arrangement in accordance with the provisions thereof and to convey its right, title,
and interest in such facilities so financed, and any other facilities leased or
mortgaged or subject to a deed of trust or any other form of security arrangement
to secure the bonds, to such participating educational institution or cultural
institution.

Legislative History

Source: L. 81: Entire article added, p. 1110, � 1, effective July 1. L. 89: Entire section amended, p. 993, � 12, effective April 8. L. 98: Entire section amended, p. 609, � 15, effective May 4.