8.565. Dissolution of authority, when--transfer of assets upon dissolution. - Missouri Statutes

Dissolution of authority, when--transfer of assets upon dissolution.

8.565. The authority shall dissolve no later than two years from thedate of final payment of all outstanding bonds and the satisfaction of alloutstanding obligations of the authority, except to the extent necessary toremain in existence to fulfill any outstanding covenants or provisions withbondholders or third parties made in accordance with sections 8.500 to8.565. Upon dissolution of the authority, all assets of the authorityshall be transferred to the state and shall be deposited in the state'sgeneral revenue fund, and the authority shall execute any necessaryassignments or instruments, including any assignment of any right, title,or ownership to the state for receipt of payments under the mastersettlement agreement.

(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.