40:11A-24 - Termination of authority - New Jersey Statutes

40:11A-24.  Termination of authority    When any authority shall have finally paid and discharged all bonds or other  obligations, which together with interest due thereon, shall have been secured  by a pledge of any of the revenues or receipts of a project, it may, subject to  any agreements concerning the operation or disposition of such projects, convey  such project to the municipality or county creating the authority.  When any  authority shall have finally paid and discharged all bonds issued and  outstanding and the interest due thereon, and settled all other obligations or  claims which may be outstanding against it, it may convey all its property to  the municipality or county, as the case may be, and terminate its existence.  A  certificate requesting the termination of the existence of the authority shall  be filed with the clerk of the municipality or county creating such authority.   If the certificate is thereafter approved by the municipality creating the authority, which approval shall be by ordinance, or by the county creating the  authority, which approval shall be by resolution, the said certificate, together with a certified copy thereof, shall be filed with the clerk or register of deeds of the county in which said authority is located. Whereupon  the property of said authority shall pass to the municipality or county  creating such authority and the authority shall cease to exist.  The clerk of  the county in each case, shall cause a duplicate certified copy of such  documents to be filed forthwith with the Secretary of State.

     L.1948, c. 198, p. 994, s. 24.