Tennessee Code 7-5-112 – Dissolution – Disposition of property
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Terms Used In Tennessee Code 7-5-112
- Authority: means a metropolitan port authority created pursuant to this chapter. See Tennessee Code 7-5-103
- Bonds: includes notes, interim certificates or other obligations of an authority. See Tennessee Code 7-5-103
- Creating municipality: means any city or county having a metropolitan form of government and having a population of not less than one hundred thousand (100,000), that creates an authority pursuant to this chapter. See Tennessee Code 7-5-103
- Executive officer: means the mayor, county mayor, or other chief executive officer of any creating municipality. See Tennessee Code 7-5-103
- Governing body: means the chief legislative body of any creating municipality. See Tennessee Code 7-5-103
- 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. See Tennessee Code 7-5-103
Whenever the governing body of the creating municipality by resolution determines that the purposes for which the authority was created have been substantially accomplished, that all of the bonds and other obligations of the authority have been fully paid, then the executive officer of the creating municipality shall execute and file for record with the secretary of state a certificate of dissolution reciting such facts and declaring the authority to be dissolved. Upon such filing, the authority shall be dissolved, and title to all funds and other properties of the authority at the time of the dissolution shall vest in and be delivered to the creating municipality.