Section 11-59-501 - Dissolution of authority - Restrictions - Publishing notice of dissolution - Authority records - Dissolution expenses(1) The authority may not be dissolved unless: (a) the authority board first receives approval from the Legislative Management Committee of the Legislature to dissolve the authority; and(b) the authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state.(2) To dissolve the authority, the board shall: (a) obtain the approval of the Legislative Management Committee of the Legislature; and(b) adopt a resolution dissolving the authority, to become effective as provided in the resolution.(3) Upon the dissolution of the authority: (a) the Governor's Office of Economic Opportunity shall publish a notice of dissolution:(i) for the county in which the dissolved authority is located, as a class A notice under Section 63G-30-102, for at least seven days; and(ii) as required in Section 45-1-101; and(b) all title to property owned by the authority vests in the facilities division for the benefit of the state.(4) The board shall deposit all books, documents, records, papers, and seal of the dissolved authority with the state auditor for safekeeping and reference.(5) The authority shall pay all expenses of the deactivation and dissolution.Amended by Chapter 435, 2023 General Session ,§ 79, eff. 5/3/2023.Amended by Chapter 263, 2023 General Session ,§ 7, eff. 5/3/2023.Amended by Chapter 282, 2021 General Session ,§ 8, eff. 7/1/2021.Amended by Chapter 152, 2020 General Session ,§ 4, eff. 5/12/2020.Added by Chapter 388, 2018 General Session ,§ 18, eff. 5/8/2018.Affected by 63I-2-211 on 1/1/2029