Ariz. Rev. Stat. § 45-1905
A majority of the board may propose that the authority be dissolved, but only if all contractual obligations and debts of the authority are satisfied and another governmental entity or entities accept dedication of all authority projects. After a hearing, the board shall adopt by resolution a plan of termination to be executed within a stated period of time after it is adopted. All property of the authority that is not dedicated to another governmental entity shall be transferred to the board of supervisors of the county in which the authority is established for use in that county. All unexpended and unencumbered monies of the authority shall be transmitted to the state treasurer for deposit in the fund account established for the active management area pursuant to section 45-615.
A.R.S. § 45-1905