Title 04 Administrative Agencies and Procedures
Chapter 04.25A United Native Americans Public Development Authority
Section 04.25A.250 Dissolution of the Authority
- Upon enactment of an ordinance by the city council for termination of the authority, or upon adoption of a resolution by the authority for its own dissolution, the authority shall file with the clerk a dissolution statement setting forth:
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- the name and principal office of the authority;
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- the debts, obligations and liabilities of the authority, including conditions of grants and donations, and the property and assets available to satisfy the same; the provisions to be made for satisfaction of outstanding liabilities and performance of executory contracts; and the estimated time for completion of its dissolution;
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- any pending litigation or contingent liabilities;
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- the resolution of the board of directors providing for such dissolution and the proceedings leading toward its adoption, if such dissolution is voluntary; and
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- a list of persons to be notified upon completion of dissolution.
- The director of administrative services shall review the statement filed and oversee the dissolution to protect the public interest or, if so authorized by law, authorize or initiate proceedings in the superior court for the appointment and supervision of a receiver for such purposes. Upon satisfactory completion of dissolution proceedings, the director of administrative services shall indicate such dissolution by inscription of a “Charter Canceled” on the original charter, on file with the clerk and, when available, on the duplicate original of the authority, and the existence of the authority shall cease. The clerk shall give notice thereof to the secretary of state and other persons requested by the authority in its dissolution statement.
- Upon dissolution of the authority and the winding up of its affairs, the city council may provide for the transfer of the rights, assets and property of the authority to a qualified entity or entities which will fulfill the purposes for which the authority was chartered. Otherwise, title to all remaining property or assets of the authority shall vest in the City upon the dissolution of the authority.
Date Passed: Monday, March 26, 2007 Effective Date: Sunday, May 6, 2007 Recodification ORD C33995 Section 1 |
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