At any time when no bonds of the authority are outstanding, the authority may be dissolved upon filing with the Secretary of State an application for dissolution, which shall be subscribed by each of the members of the authority and which shall be sworn to by each member before an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the authority shall cease, and any property owned by it at the time of its dissolution shall pass to the Department of Conservation and Natural Resources. The Secretary of State shall file and record the application for dissolution in an appropriate book of record in his or her office, shall make and issue, under the Great Seal of the state, a certificate that the authority is dissolved, and shall record the certificate with the application for dissolution.