40:37A-47 - Dissolution of authority - New Jersey Statutes

40:37A-47.  Dissolution of authority
    The governing body of any county which has created an authority pursuant to  this act may be ordinance or resolution, as appropriate, dissolve such authority if either (1) such authority has no debts or obligations outstanding,  or (2) all creditors or other obligees of the authority have consented to said  ordinance or resolution.  A copy of said ordinance or resolution, certified by  the clerk of said governing body, shall be filed in the office of the Secretary  of State and in the office of the Division of Local Government Services in the  Department of Community Affairs.  Upon proof of such filing and upon proof  either that said authority had no debts or obligations outstanding at the time  of the adoption of such ordinance or resolution or that all creditors or other  obligees of the authority have consented to such ordinance or resolution, the  authority shall be conclusively deemed to have been lawfully and properly  dissolved. Thereupon, all right, title and interest in and to the property of  the authority shall be vested in the county, except that any particular property shall vest in any other governmental unit or person if the terms of any lease or other agreement of the authority with respect thereto shall so provide.  A copy of any such certified ordinance or resolution, duly certified  by or on behalf of the Secretary of State, shall be admissible in evidence in  any action or proceeding and shall be conclusive evidence of due and proper  adoption and filing thereof as aforesaid.

     L.1960, c. 183, p. 733, s. 4, eff. Jan. 18, 1961.  Amended by L.1982, c. 113,  s. 3, eff. Aug. 14, 1982.