40-1128. Dissolution of authority
Whenever the board of directors of an authority, by resolution, determines that the
purposes for which the authority was formed have been substantially complied with, that
the need for the authority has terminated, and that all obligations incurred by the
authority have been fully paid, the members of the board of directors of the authority
shall, upon concurrence by resolution of the governing body creating the authority,
thereupon dissolve the authority in accordance with provisions of title 10. A
certificate of dissolution of the authority shall be filed for record with the secretary
of state. Upon dissolution all property and funds of the authority shall revert to and
be the property of the creating political subdivision or subdivisions in the proportion
that the population of each contracting political subdivision bears to the total
population of the area of the authority.
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