Alabama Code 45-8A-111.19. Dissolution of the corporation and vesting of title to property in the city
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Terms Used In Alabama Code 45-8A-111.19
- Authority: means the Oxford Downtown Development Authority, a public corporation organized pursuant to this part. See Alabama Code 45-8A-111.01
- Board: means the board of directors of the authority. See Alabama Code 45-8A-111.01
- Bonds: means and shall include bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-8A-111.01
- City: means the City of Oxford, Alabama. See Alabama Code 45-8A-111.01
- Probate: Proving a will
- property: includes both real and personal property. See Alabama Code 1-1-1
At any time when the authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record a certified copy of the resolution in the office of the Judge of Probate of Calhoun County, the authority shall thereupon stand dissolved and in the event it owned any property at the time of its dissolution, the title to all its properties shall thereupon pass to the city.