90-7-307. Conveyance of title. When the principal and interest on bonds issued by the authority to finance the cost of eligible facilities or to refinance outstanding indebtedness of one or more participating institutions, including any refunding bonds issued to refund and refinance bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the bonds and all other conditions of the resolution, lease, trust indenture, and mortgage or deed of trust or any other form of security arrangement, if any, authorizing and securing the bonds have been satisfied and the lien of the mortgage or deed of trust or any other form of security arrangement has been released in accordance with the provisions of the security arrangement, the authority shall promptly convey its interest in the facilities and any other facilities mortgaged or subject to deed of trust or any other form of security arrangement to secure the bonds to the participating institution or institutions.

     History: En. Sec. 21, Ch. 703, L. 1983; amd. Sec. 13, Ch. 477, L. 1997.