PART XI. DISSOLUTION OF AUTHORITY; WORKERS' COMPENSATION.
§8-27-26. Dissolution of authority; disposition of assets after
payment of debts.
In the event full and adequate provision is made for the
payment of all of the debts of an authority, the participating
municipalities or counties or any combination thereof which have
contributed at least sixty percent of the total value of all moneys
and property (the value of which property is determined as
specified in section five of this article) contributed to the
authority by the participating municipalities and counties may by
resolution provide for the dissolution of the authority and for (1)
the conveyance of the real and tangible personal property
contributed to it to those participating municipalities and
counties which contributed the same, (2) equitable distribution
among the contributing municipalities and counties of any real and
tangible personal property purchased or condemned by the authority
or of the proceeds of sale thereof, or the fair value thereof, and
(3) the equitable distribution of all moneys on hand to the
participating municipalities and counties in direct proportion to
the contribution of moneys by them.