77-6-57 - Dissolution of board of commissioners. - Mississippi Statutes

§ 77-6-57. Dissolution of board of commissioners.
 

Whenever the board of commissioners of the authority and the utility commissions of its member municipalities shall by resolution or ordinance determine that the purposes for which the authority was formed have been substantially fulfilled and that all bonds theretofore issued and all other obligations theretofore incurred by the authority have been fully paid or satisfied, such board of commissioners and utility commissions may declare the authority to be dissolved. On the effective date of such resolution or ordinance, the title to all funds and other property owned by the authority at the time of such dissolution shall vest in the member municipalities of the authority as provided in this chapter and the bylaws of the authority. 
 

Sources: Laws,  1988, ch. 515, § 29, eff from and after passage (approved May 16, 1988).