Sec. 601.044.  DURATION.  (a)  An authority ceases to exist 25 years after the date it is created, except that the municipality that created the authority may extend its existence for not more than 10 years by filing a certified ordinance with the secretary of state.
(b)  An authority continues to exist until its liabilities and bonds issued by its board or by the municipality on its behalf have been paid.
(c)  When an authority ceases to exist, its rights and property pass to the municipality.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Renumbered from Local Government Code, Section 431.044 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.76(d)(2), eff. April 1, 2009.