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Whenever the governing body of the municipality or municipalities with respect to which the authority has been created shall, by resolution, determine that the purposes for which the authority was created have been substantially accomplished, that all of the bonds and other obligations of the authority have been fully paid, and that such municipality has determined, or such municipalities have agreed on, the distribution of the funds and other properties of the authority, then the executive officers of such municipality or the executive officers of such municipalities shall execute and file for record with the secretary of state a certificate of dissolution reciting such facts and declaring the authority to be dissolved.
Upon such filing, the authority is dissolved and title to all funds and other properties of the authority at the time of such dissolution shall vest in and be delivered to such municipalities in accordance with the terms of their agreement relating to the dissolution.