§599.31. Conveyance of title and release of collateral
A. An authority shall convey title to property relating to a project and release
collateral in accordance with this Section when:
(1)(a) The principal of an interest on bonds issued to finance or refinance the project,
including any refunding bonds, have been fully paid and retired.
(b) Adequate provision has been made to fully pay and retire the bonds.
(2) All other conditions of trust agreement have been satisfied.
(3) The lien of the trust agreement has been released.
B. On satisfaction of the conditions under Subsection A of this Section, an authority
promptly shall execute any deed, conveyance, release, or document and take any other action
necessary to convey title to the property and release collateral free of any lien or
encumbrance created through the authority.
Acts 2025, No. 443, §1.