§ 18-48. Merger; dissolution.

(a)

There shall be no merger involving the Authority and any other unit of government without prior approval of the Board.

(b)

The Charter of the Authority may be revoked and the Authority unilaterally dissolved by an ordinance adopted by the Board. Such action by the Board dissolving the Authority shall occur subject to: (a) the legal rights of bondholders, the Executive Director, and all employees of the Authority; and (b) a dissolution plan adopted by the Board.

(c)

Dissolution of the Authority shall automatically transfer to the County all right, title and interests to all real and personal property deeded, leased, assigned to or otherwise conveyed by every means whatsoever to the Authority along with all other property and interests in property otherwise acquired by the Authority. Dissolution shall be subject to all contracts, other obligations and indebtedness of the Authority.

(Ord. No. 04-03, § 13)