(a) Subject to compliance with or assumption and satisfaction of the applicable requirements (if any) of any outstanding notes, bonds, contracts, or other obligations of the Port Authority, the Port Authority may be dissolved at any time upon enactment of an ordinance by City Council; provided that upon dissolution, any real or personal property or combination thereof which has been received from or made available by the City, shall be returned to the City.
(b) In the event of dissolution of the Port Authority, and after paying all expenses, debts and costs of the Port Authority, any balance remaining in the Port Authority's funds and any remaining real or personal property belonging to the Authority shall be distributed to the City. (Ord. 2022-54. Passed 9-20-22.)