A. A majority of the board of directors of an authority may propose that the authority be dissolved, but only if all contractual obligations and debts of the authority are satisfied and if another governmental entity or entities accept dedication of all authority property and obligations.

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B. After a hearing, the board shall adopt by resolution a plan of termination to be executed within a stated period of time after it is adopted.

C. The growth of a county population to more than four hundred thousand persons does not cause the dissolution of an authority by operation of law.