Section 15-1-1003 - Disposition of Assets; Use by Receiving City or Town

15-1-1003. Disposition of assets; use by receiving city or town. The city or town receiving the assets becomes the absolute and unconditional owner of that property. The receiving city or town shall deposit all money so received to its general fund and may make expenditures thereof for any lawful purpose. All other assets may be managed or disposed of in any manner provided by law.