§5514. Termination of authority.

(a) Conveyance of projects.--When an authority has finally paid and discharged all bonds, with interest due, which have been secured by a pledge of any of the revenues or receipts of a project, it may, subject to agreements concerning the operation or disposition of the project, convey the project to the parent municipality.

(b) Conveyance of property.--When an authority has finally paid and discharged all bonds issued and outstanding and the interest due on them and settled all other outstanding claims against it, it may convey all its property to its parent municipality.

(c) Certificate.--A certificate requesting the termination of the existence of an authority shall be filed in the office of the Secretary of the Commonwealth. If the certificate is approved by the parent municipality, the secretary shall note the termination of existence on the record of incorporation and return the certificate with approval to the board. The board shall cause the certificate to be recorded in the office of the recorder of deeds of the county. Upon recording, the property of the authority shall pass to the parent municipality, and the authority shall cease to exist.