§ 45-54-23 - Transfers to governmental body.
SECTION 45-54-23
§ 45-54-23 Transfers to governmental body.– When all bonds issued under the provisions of the chapter for each specificproject and their interest have been paid, or a sufficient amount for thepayment of all the bonds and their interest to the maturity of the bonds havebeen set aside in trust for the benefit of the bondholders, the specificproject financed under the provisions of this chapter may be transferred to themunicipality leasing the project on terms and conditions and for considerationthat the corporation determines. If the corporation is dissolved, all funds ofthe corporation not required for the payment of bonds shall be paid to thetreasurer of the municipality in which the corporation is established for theuse of the municipality, and all property belonging to the corporation shall bevested in the municipality and delivered to it. No part of the net earnings ofthe authority shall be distributed to, or inure to the benefit of, any privateperson.