(A) General rule. The Authority may be dissolved as a public body corporate and politic upon compliance with all of the following:
(1) Sixty calendar days advance written notice of consideration of a resolution to request dissolution must be:
(a) Given to the city which created the land reuse agency;
(b) Published in a local newspaper of general circulation; and
(c) Sent by certified mail to the trustees of outstanding bonds of the Authority.
(2) Satisfaction of all outstanding liabilities; and
(3) Approval of a resolution requesting dissolution.
(B) Authority. Upon receipt of a proper resolution described in division (A) above, the city may dissolve the Land Reuse Agency by adoption of an ordinance or order. If approved, the governing body of the city shall file a certified copy of the ordinance or order with the Secretary of State and notify the state’s Housing Development Fund of the dissolution of the Authority. The Secretary of State shall cause the termination of the existence of the Authority to be noted on the record of incorporation. Upon the filing, the Authority shall cease to function.
(C) Transfer of assets. Upon dissolution of the Authority, real property, personal property and other assets of the Authority become the assets of the city.
(Ord. passed 5-7-2019)