65.550 Withdrawal of city or county -- Successors -- Agreed dissolution.

195 words·~1 min read·/ky/chapter-65/65-550

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In the event that a joint riverport authority is created by cities and/or counties, and

thereafter a city or cities or county or counties desire to withdraw from

participation, then the remaining participants may jointly choose a successor

member or members of the authority. No such withdrawing city or cities or county

or counties shall be entitled to the return of any money or property advanced such

authority.

(2)Notwithstanding the provisions of subsection (1), any cities and/or counties which

have established a joint riverport authority as provided for herein, may provide by a

mutual written agreement between such cities and/or counties, and the joint

riverport authority, that such joint riverport authority may be dissolved and may

further provide that upon such complete termination, all funds, property and other

assets held by the joint riverport authority shall be returned to such cities and/or

counties in the same proportion as contributions of funds, property and other assets

were made by such cities and/or counties. This section shall not apply and no

dissolution shall be made until such time as all legal obligations of the joint

riverport authority shall be satisfied and all existing commitments fulfilled.