§ 159C-21. Dissolution of authorities. - North Carolina Statutes

§ 159C‑21. Dissolution of authorities.

Whenever the board of commissioners of an authority and the governingbody of the county for which such authority was created shall by jointresolution determine that the purposes for which the authority was formed havebeen substantially fulfilled and that all bonds theretofore issued and allother obligations theretofore incurred by the authority have been fully paid orsatisfied, such board of commissioners and governing body may declare theauthority to be dissolved. On the effective date of such joint resolution, thetitle to all funds and other property owned by the authority at the time ofsuch dissolution shall vest in the county or in such other politicalsubdivisions as the county shall direct, and possession of such funds and otherproperty shall forthwith be delivered to the county or to such other politicalsubdivisions in accordance with the direction of the county. (1975, c. 800, s. 1.)