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Title II SOVEREIGNTY, JURISDICTION AND EMBLEMS

Chapter 8

previous next Effective - 07 Jun 2002, see footnotebottom

  *8.565.  Dissolution of authority, when — transfer of assets upon dissolution. — The authority shall dissolve no later than two years from the date of final payment of all outstanding bonds and the satisfaction of all outstanding obligations of the authority, except to the extent necessary to remain in existence to fulfill any outstanding covenants or provisions with bondholders or third parties made in accordance with sections 8.500 to 8.565.  Upon dissolution of the authority, all assets of the authority shall be transferred to the state and shall be deposited in the state's general revenue fund, and the authority shall execute any necessary assignments or instruments, including any assignment of any right, title, or ownership to the state for receipt of payments under the master settlement agreement.

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(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations.  See section 8.589.


---- end of effective   07 Jun 2002 ----

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