Section 20-3-357. Termination or dissolution of authority

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Upon termination or dissolution of the authority, all assets, rights, and properties of the authority under the authority of this subpart shall pass to and be vested in the state to be used for educational purposes, subject to the rights of lienholders and other creditors under this subpart; provided, however, that no such termination or dissolution shall take effect so long as the authority shall have bonds or notes outstanding, unless adequate provision has been made for the payment thereof.

Code 1933, § 32-3744, enacted by Ga. L. 1980, p. 835, § 3.

                    
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