§7-12-13. Sale or lease of property; reversion of assets upon
In the event the board of the authority shall so determine,
the authority may lease or sell all of its property and equipment,
either by contract or at public auction, on such terms and
conditions as the authority may fix and determine. Upon the
dissolution of the authority, all of its assets and property shall
revert to and become the property of the county or municipality for
which said authority was created.
The amendment of this section in the year one thousand nine
hundred ninety-eight, is intended to clarify the intent of the
Legislature as to the manner in which an authority may sell, lease
or otherwise dispose of real and personal property owned by an
authority, and shall be retroactive to the date of the prior
enactment of this section.