Whenever the Commission determines that the purposes for which the authority was formed have been substantially fulfilled and that all bonds issued and all other obligations incurred by the authority have been fully paid or satisfied or provision for the payment of the bonds and obligations has been made in accordance with the terms of the resolution or trust indenture securing them, the Commission may declare the authority dissolved. On the effective date of the resolution of dissolution, the title to all funds and other property owned by the authority at the time of the dissolution vests in the Commission on behalf of the unit creating the Commission. However, if the Commission is not in existence, the title vests in the unit.
(`92 Code, § 2-140) (Ord. 91-32, passed 12-26-91; Am. Ord. 2016-24, passed 10-13-16)