Tennessee Code 7-57-105 – Dissolution – Disposition of property
Terms Used In Tennessee Code 7-57-105
- Creating municipality: means any city or metropolitan government having a population of not less than two hundred thousand (200,000), according to the 1970 federal census or any subsequent federal census, or any county in which any such city shall be situated, that shall create an authority pursuant to this chapter. See Tennessee Code 7-57-103
- Executive officer: means the mayor, county mayor, or other chief executive officer of any creating or participating municipality. See Tennessee Code 7-57-103
- Governing body: means the chief legislative body of any creating or participating municipality. See Tennessee Code 7-57-103
- Participating municipality: means any city, town or county, which city, town or county, pursuant to a resolution of its governing body and an agreement with the creating municipality, shall have sold, leased, dedicated, donated or otherwise conveyed its hospitals to the authority for operation by the authority in order to make such hospital an operational part of its health care system. See Tennessee Code 7-57-103
- 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
- Resolution: means any resolution adopted by governing bodies pursuant to this chapter. See Tennessee Code 7-57-103
- State: means the state of Tennessee. See Tennessee Code 7-57-103
Whenever the governing body or bodies of the creating municipality or municipalities and the participating municipality or municipalities shall each, by resolution, determine that the purposes for which the authority was created have been substantially accomplished, that all of the obligations of the authority have been fully paid, or provided for, and that such municipalities have agreed on the distribution of the funds and other properties of the authority, then the chief executive officer or officers of such municipality or municipalities shall execute and file for record with the secretary of state a joint 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 such dissolution shall vest in and be delivered to such municipalities in accordance with the terms of their agreement.