Excerpt from
§ 31-25-115.
Transfer - abolishment.
(1) Notwithstanding any other
provision of this part 1, the governing body of a municipality may designate
itself as the authority when originally establishing said authority. A transfer
of an existing authority to the governing body may be accomplished only by
majority vote at a regular general election.
(2) The governing body of a municipality may by ordinance provide for the abolishment of an urban renewal authority, provided adequate arrangements have been made for payment of any outstanding indebtedness and other obligations of the authority. Any such abolishment shall be effective upon a date set forth in the ordinance, which date shall not be less than six months from the effective date of the ordinance.
Source: L. 77: Entire section added, p. 1468, § 1, effective May 26.