(a) In this section, "county" means the county in which the majority of the municipality that created the authority is located.
(b) This section applies only to an authority created by a municipality with a population of less than 50,000.
(c) The authority may be dissolved if:
(1) all debts or obligations of the authority have been satisfied; and
(2) the dissolution is authorized by order or resolution of:
(A) the governing body of the municipality that established the authority;
(B) the county; and
(C) each junior college in the county, if the county in which the authority is located contains a junior college.
(d) Property of the authority that remains after dissolution is conveyed to the municipality.