40:37B-4 - Dissolution of authority; grounds; filing of resolution - New Jersey Statutes

40:37B-4.  Dissolution of authority;  grounds;  filing of resolution
    The governing body of any county which has created an authority pursuant to  this act may by resolution dissolve such authority if either (a) such authority  has no debts or obligations outstanding or (b) all creditors or other obligees  of the authority have consented to said resolution.  A copy of said 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 in  the Department of the Treasury.  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 resolution or that all creditors or other obligees of  the authority have consented to such 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 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.1967, c. 136, s. 4, eff. June 28, 1967.