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65.550 Withdrawal of city or county -- Successors -- Agreed dissolution.

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65.550 Withdrawal of city or county -- Successors -- Agreed dissolution. (1) In the event that a joint riverport authority is created by cities and/or counties, and thereafter a city or cities or county or counties desire to withdraw from <br>participation, then the remaining participants may jointly choose a successor <br>member or members of the authority. No such withdrawing city or cities or county <br>or counties shall be entitled to the return of any money or property advanced such <br>authority. (2) Notwithstanding the provisions of subsection (1), any cities and/or counties which have established a joint riverport authority as provided for herein, may provide by a <br>mutual written agreement between such cities and/or counties, and the joint <br>riverport authority, that such joint riverport authority may be dissolved and may <br>further provide that upon such complete termination, all funds, property and other <br>assets held by the joint riverport authority shall be returned to such cities and/or <br>counties in the same proportion as contributions of funds, property and other assets <br>were made by such cities and/or counties. This section shall not apply and no <br>dissolution shall be made until such time as all legal obligations of the joint <br>riverport authority shall be satisfied and all existing commitments fulfilled. History: Amended 1966 Ky. Acts ch. 136, sec. 1. -- Created 1964 Ky. Acts ch. 48, sec. 2(8).