Sec. 29.35.610. Dissolution of a port authority.
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/ak/title-29/chapter-35/29-35-610A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 29.35.610. Dissolution of a port authority.
(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.