12E.17 - DISSOLUTION OF THE AUTHORITY.
12E.17 DISSOLUTION OF THE AUTHORITY.
The authority shall dissolve no later than two years from the date
of final payment of all outstanding bonds and the satisfaction of all
outstanding obligations of the authority, except to the extent
necessary to remain in existence to fulfill any outstanding covenants
or provisions with bondholders or third parties made in accordance
with this chapter. Upon dissolution of the authority, all assets of
the authority shall be returned to the state and shall be deposited
in the general fund of the state, unless otherwise directed by the
general assembly, and the authority shall execute any necessary
assignments or instruments, including any assignment of any right,
title, or ownership to the state for receipt of payments under the
master settlement agreement. Section History: Recent Form
2000 Acts, ch 1208, §17, 25; 2001 Acts, ch 164, §18, 21; 2008
Acts, ch 1186, §17, 19