(1) If any public agency participating in a public body corporate and politic wishes to withdraw therefrom, the governing body of that public agency shall determine by ordinance or resolution, or otherwise pursuant to law, of the governing body, that it is in the best interest of the public agency to withdraw from the public body and give notice thereof to all directors of the public body and to the mayor, county judge, president, chair, or other chief executive of the governing body of each of the other public agencies.
(2) Each such governing body shall have ninety (90) days in which to determine, by ordinance or resolution, or otherwise pursuant to law, of the governing body, whether to dissolve the public body or continue without the withdrawing public agency.
(3) The notice of withdrawal shall become effective upon the earlier of: The date each public agency participating in the public body makes its determination, as provided in subsection (a) of this section; or
(4) The expiration of ninety (90) days.