§ 25-25-121 — 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 outstanding indebtedness of one or more participating health 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 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 deed of trust or any other form of
security arrangement to secure the bonds, to such participating health institution or
institutions.

Legislative History

Source: L. 77: Entire article added, p. 1317, � 1, effective July 1.