Affected by 63I-1-211 on 1/1/2029
Effective 7/1/2021
11-59-501. Dissolution of authority — Restrictions — Publishing notice of dissolution — Authority records — Dissolution expenses.
- (1) The authority may not be dissolved unless:
- (a) the authority board first receives approval from the Legislative Management Committee of the Legislature to dissolve the authority; and
- (b) the authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state.
- (2) To dissolve the authority, the board shall:
- (a) obtain the approval of the Legislative Management Committee of the Legislature; and
- (b) adopt a resolution dissolving the authority, to become effective as provided in the resolution.
- (3) Upon the dissolution of the authority:
- (a) the Governor’s Office of Economic Opportunity shall publish a notice of dissolution:
- (i) in a newspaper of general circulation in the county in which the dissolved authority is located; and
- (ii) as required in Section 45-1-101; and
- (b) all title to property owned by the authority vests in the Division of Facilities Construction and Management, created in Section 63A-5b-301, for the benefit of the state.
- (a) the Governor’s Office of Economic Opportunity shall publish a notice of dissolution:
- (4) The board shall deposit all books, documents, records, papers, and seal of the dissolved authority with the state auditor for safekeeping and reference.
- (5) The authority shall pay all expenses of the deactivation and dissolution.
Amended by Chapter 282, 2021 General Session