§ 26. Special Transfer Power.

(a)

Notwithstanding any other provision of this Act except for subsection (b) of this section, the Authority is hereby granted the right and power and shall have and may exercise all powers necessary, appurtenant, convenient or incidental in order to deed, convey, assign, set over, lease, enter into contract and transfer, hereinafter referred to as "transfer," all or any portion of the assets and liabilities of the Authority and any right, title and interest of the Authority in any of them to any political subdivision or not-for-profit corporation, or both, provided that any such transfer or transfers shall be subject to the prior approval of the Council of the City of Jacksonville. Any such approval may provide for and specify a date, as agreed to by the Authority and the Council of the City of Jacksonville, for simultaneous repeal of sections 1 through 25 of this Act and the dissolution of the Authority.

(b)

Notwithstanding the provision of subsection (a) of this section, neither the Authority, nor any successor or transferee of the Authority, shall have any right or power to transfer any rights which it may have to receive property from a not-for-profit corporation which has issued notes or bonds in behalf of the Authority pursuant to Internal Revenue Service Ruling 63-20 to any transferee other than an entity which constitutes a "political subdivision" of the State of Florida for purposes of the Federal income tax laws. However, once any such rights to receive property shall have matured and the Authority, or its successor or transferee, shall have received the property, this paragraph shall not impair the right and power of the recipient to transfer the property.

(Laws of Fla., Ch. 81-373, § 1)