2.104.490 Disposition of assets.
A. Upon termination of the existence of a public corporation, all of the rights, assets and property of the public corporation shall pass to and be distributed as provided by agreements with donors or other parties at the time of acquisition of the property regarding its disposition. Subject thereto, all of the rights, assets and property of a public corporation shall be tendered to the entity first listed below and, if not applicable or not accepted, to the next listed entity in succession:
1. To the surviving or successor public corporation in event of merger as provided in Section 2.104.480;
2. To the city;
3. To some other local municipal corporation that performs similar activities or functions for which the assets were acquired or are devoted;
4. To the state for use in or application upon projects and activities or functions for which the assets were acquired or are devoted;
5. To the United States, any of its departments or agencies; a public authority created by the United States; or an organization acting as an authorized agent of the United States;
6. To a corporate fiduciary or other trustee, in trust for or use under the direction of any of the aforesaid entities for the purposes, projects and activities for which the assets were acquired or devoted;
7. To nonprofit organizations performing community service, charitable or educational activities similar to the projects and activities for which the assets were acquired.
B. Provided, the city council may in its discretion, by resolution, with respect to any particular dissolution:
1. Authorize the mayor for and on behalf of the city to contract with the public corporation for the disposition of its rights, assets and property, and thereby designate the recipient and the terms and purposes of the transfer of assets and property; and
2. Establish procedures and terms and conditions for transfer and acceptance of the rights, assets and property of the public corporation to any of the aforesaid entities; and
3. Request some or all of the aforesaid eligible entities identified in subsections (A)(2) through (A)(5) to submit applications for transfer of such rights, assets and property of the public corporation setting forth the proposed uses thereof, and accept the application and contract with the entity or organization that would make the most appropriate use of such rights, assets and property in performing the projects and activities for which the public corporation was chartered. All rights, property and assets of the public corporation upon transfer shall be vested in the entity receiving and accepting the same, together with any appurtenant obligations and liabilities. (Ord. 1016-84 § .490, 1984.)