(a) In the event the board shall so determine, any authority may sell all or any part of its properties and assets and distribute the proceeds among the participating municipalities, counties, and the state in the proportion each unit contributed to the authority's funds or otherwise in the manner set forth in the agreement establishing the authority, provided no authority in which the state is a participant shall sell all or substantially all of its properties or assets without the consent of the Governor.
(b) No sale of properties or assets and no distribution of proceeds of such sale shall be done in a manner which violates United States law or the terms of any deed, grant agreement, or other agreement with the United States.
Section: Previous 14-362-119 14-362-120 14-362-121 14-362-122 14-362-123 14-362-124 14-362-125 14-362-126 14-362-127 14-362-128 14-362-129 14-362-130 14-362-131 14-362-132 NextLast modified: November 15, 2016