(a) The enabling ordinance by which a port authority is created must provide for the manner by which a port authority may be dissolved.
(b) If an authority ceases to exist, its assets shall be distributed to the municipalities that participated in the authority in proportion to the difference between their contributions to the authority and any outstanding debt or obligation of that municipality to the authority, provided that any obligation to bondholders then outstanding shall first be satisfied in full.
Section: Previous 29.35.600 29.35.605 29.35.610 29.35.615 29.35.620 29.35.625 29.35.630 29.35.635 29.35.640 29.35.645 29.35.650 29.35.655 29.35.660 29.35.665 29.35.670 NextLast modified: November 15, 2016