§ 12. Transfer Upon Cessation of the Board.

Should the Board cease to exist or to operate for whatever reason, all of its property of whatever kind shall forthwith, upon consent of the City, become the property of the City. If said property becomes property of the City it shall be taken subject to the outstanding obligations of the Board incurred in conformity with all of the foregoing provisions, and the City shall use this property to the maximum extent then practicable for effectuating the purposes hereof and shall succeed to and exercise such powers of the Board as shall be necessary to meet outstanding obligations of the Board and effect an orderly cessation of its powers and functions, provided, however, in no event shall the City become responsible for any debts, obligations, or contracts of the Board beyond the income of the property produced by the sale, lease, operation, or disposition otherwise, as decided by the City in its discretion.

(Laws of Fla. ch. 71-810, § 12)