(a) Whenever the governing body of the municipality or municipalities with respect to which the authority has been created shall, by resolution, determine 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, and that such municipality has determined, or such municipalities have agreed on, the distribution of the funds and other properties of the authority, then the executive officers of such municipality or the executive officers of such municipalities 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.
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Terms Used In Tennessee Code 7-87-112

  • Authority: means a port authority created pursuant to this chapter. See Tennessee Code 7-87-103
  • Governing body: means the body in which the general legislative powers of a municipality are vested. See Tennessee Code 7-87-103
  • Municipality: means any county or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-87-103
  • 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 7-87-103
(b) Upon such filing, the authority is 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 relating to the dissolution.
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