§4-11A-16. Dissolution of the authority; distribution of assets


Published: 2015

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WEST VIRGINIA CODE











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WVC 4 - 11 A- 16

§4-11A-16. Dissolution of the authority; distribution of assets.

The authority shall dissolve not sooner than three hundred

sixty-six days after it no longer has any bonds outstanding and no

later than two years from the date of final payment of all

outstanding bonds and the satisfaction of all outstanding

obligations of the authority, except to the extent necessary to

remain in existence to fulfill any outstanding covenants or

provisions with bondholders or third parties made in accordance

with this article. Upon dissolution of the authority, all assets

of the authority shall be transferred to the state, and the

authority shall execute any necessary assignments or instruments,

including any assignment of any right, title or ownership to the

state for receipt of payments under the master settlement

agreement. In no event shall the authority dissolve while any

bonds of the authority are outstanding.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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