Tennessee Code 7-65-119 – Completion of corporate purpose – Dissolution
Terms Used In Tennessee Code 7-65-119
- Board: means the governing body of any authority created pursuant to this chapter. See Tennessee Code 7-65-102
- Bonds: means bonds, notes, interim certificates or other obligations of an authority issued by its board of directors pursuant to this chapter. See Tennessee Code 7-65-102
- Municipality: means any county or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-65-102
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Whenever the board of directors of the authority, by resolution, determines that there has been substantial compliance with the purposes for which the authority was formed, and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, then the members of the board of directors shall thereupon execute and file for record in the office of the secretary of state a certificate of dissolution reciting such facts and declaring the authority to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the authority. Upon the filing of such certificate of dissolution, the authority shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.