The authority may be dissolved only:

1. (1) when the board determines that all the functions of the authority are performed and completed;
2. (2) after all debts or obligations have been satisfied or retired with the assets of the authority; and

3. (3) after any remaining real property and other assets of the authority have been conveyed or transferred:

   1. (A) to Texas Tech University, if approved by the Board of Regents of the Texas Tech University System; or
   2. (B) if Texas Tech University declines to accept any remaining real property and other assets of the authority, to the City of Lubbock.

Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.

Acts 2025, 89th Leg., R.S., Ch. 228 (H.B. 5092), Sec. 7, eff. September 1, 2025.