§ 2-56. Dissolution—When authorized.

The authority shall have no purposes and shall engage in no business or enterprise other than for the purposes provided in and authorized by the Act. Whenever the board of directors shall determine that the purposes for which the authority was formed have been substantially accomplished and that all bonds and other obligations theretofore issued or incurred by the authority have been fully paid or payment provided for, the members of the board of directors shall, upon receipt of the approval of this council, thereupon dissolve the authority in the manner provided by law, subject to the limitations provided in section 2-55 hereof applicable to dissolution directed by the council.

(Ord. No. 4354, § 7, 3-1-84)