(a) Whenever the governing bodies of the creating governmental entity and the participating governmental entities 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 such governmental entities have agreed on the distribution of the funds and other properties of the authority, then the executive officers of the governmental entities 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 68-221-1314

  • Authority: means a water and wastewater treatment authority created pursuant to this part. See Tennessee Code 68-221-1303
  • Bonds: includes notes, interim certificates or other obligations of an authority. See Tennessee Code 68-221-1303
  • Creating governmental entity: means any city, metropolitan government, county or utility district that creates an authority pursuant to this part. See Tennessee Code 68-221-1303
  • 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 68-221-1303
(b) Upon this filing, the authority shall be dissolved, and title to all funds and other properties of the authority at the time of dissolution shall vest in and be delivered to the governmental entities in accordance with the terms of their agreement relating to the dissolution.
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