Assets after cessation of existence of authority

If the authority ceases to exist, or in the event of the sale of all or substantially all of the assets of the electric system of the authority, all of its assets remaining after all of its obligations and liabilities have been satisfied or discharged shall pass to, and become the property of, the associated municipality. Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016. If the authority ceases to exist, or in the event of the sale of all or substantially all of the assets of the electric system of the authority, all of its assets remaining after all of its obligations and liabilities have been satisfied or discharged shall pass to, and become the property of, the associated municipality. Added by 2016 Tenn. Acts, ch. 995,s 1, eff. 4/27/2016.