(a) Whenever the governing bodies of the creating municipality and the participating municipalities shall each by resolution determine that the purposes for which the authority was created have been substantially accomplished, that all of the bonds and other obligations of the authority have been fully paid, and that the municipalities have agreed on the distribution of the funds and other properties of the authority, then the executive officers of the municipalities shall execute and file for record with the secretary of state a joint certificate of dissolution reciting those facts and declaring the authority to be dissolved.

Terms Used In Tennessee Code 42-4-113

  • Authority: means a metropolitan airport authority created pursuant to this chapter. See Tennessee Code 42-4-103
  • Bonds: includes notes, interim certificates or other obligations of an authority. See Tennessee Code 42-4-103
  • Creating municipality: means any city or metropolitan government having a population of not less than one hundred thousand (100,000), or any county in which any such city shall be situated, that shall create an authority pursuant to this chapter. See Tennessee Code 42-4-103
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 42-4-103
(b) Upon filing the certificate, the authority shall be dissolved, and title to all funds and other properties of the authority at the time of the dissolution shall vest in and be delivered to such municipalities in accordance with the terms of their agreement relating thereto.
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