A.R.S. § 35-808: Dissolution of corporation

Whenever the board of directors of the corporation shall determine that the purpose for which the corporation was formed has been substantially accomplished and that all issued bonds and other obligations of the corporation have been fully paid, the members of the board of directors of the corporation shall thereupon dissolve the corporation in accordance with the provisions of title 10, and any properties of the corporation shall be distributed and vest in the municipality or county.