Mich. Comp. Laws § 324.907: Dissolution of authority.

Sec. 907.

Upon the expiration of a term agreed by the incorporating units, the authority shall be dissolved unless the city and the state agency agree to extend the existence of the authority for an additional term of years. The authority may only be dissolved during a term upon the vote of a 2/3 majority of the governing bodies of both the city and the state agency. Upon dissolution, the assets of the authority become the property of the city.