§ 46-12.8-20. Duration of agency - Termination. The agency and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the agency shall have the bonds outstanding in accordance with this chapter, unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the agency, the title to all funds and other properties owned by it, which remain after provision for payment or satisfaction of all bonds of the agency, shall vest in the state. The obligations, debts, and liabilities of the agency shall be assumed by and imposed upon the state, and shall be transferred to the general treasurer or to such other successor as the general assembly may designate.
History of Section. (P.L. 1993, ch. 313, § 1; P.L. 1993, ch. 396, § 1.)
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