Tennessee Code 7-89-119 – Dissolution – Disposition of property
Terms Used In Tennessee Code 7-89-119
- board of directors: means the governing body of the authority. See Tennessee Code 7-89-103
- Governing body: means the body in which the general legislative powers of a municipality are vested. See Tennessee Code 7-89-103
- Municipality: means any county, metropolitan government or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-89-103
- 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: means the state of Tennessee and, unless otherwise indicated by the context, any agency, authority, branch, bureau, commission, corporation, department or instrumentality of the state, now or hereafter existing. See Tennessee Code 7-89-103
Whenever the board of directors of an authority or the governing body of the creating municipality by resolution determines that the purposes for which the authority was formed have been substantially accomplished and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the members of the board of directors or the executive officers of the municipality, as the case may be, 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. The certificate of dissolution shall be executed under the seal of the authority. Upon the filing of the certificate of dissolution, the authority shall stand dissolved, the title to all funds and properties owned by it at the time of the dissolution shall vest in the municipality with respect to which the authority was organized, and possession of such funds and properties shall forthwith be delivered to the municipality.