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• <br /> property regarding its• disposition. Subject thereto, all of the <br /> rights , assets and property of a public corporation shall be <br /> tendered to the entity first listed below and, if not applicable <br /> or not accepted, to the next listed entity in succession: <br /> A. To the surviving or successor public corporation in event <br /> of merger as provided in Section . 480; <br /> B. To the city; <br /> C. To some other local municipal corporation that performs <br /> similar activities or functions for which the assets were <br /> acquired or are devoted; <br /> D. To the state for use in or application upon projects and <br /> activities or functions for which the assets were acquired or are <br /> devoted; <br /> E. To the United States , any of its departments or agencies; <br /> a public authority created by the United States; or an <br /> organization acting as an authorized agent of the United States; <br /> F . To a corporate fiduciary or other trustee, in trust for <br /> or use under the direction of any of the aforesaid entities for <br /> the purposes , projects and activities for which the assets were <br /> acquired or devoted; <br /> G. To nonprofit organizations performing community service, <br /> charitable or educational activities similar to the projects and <br /> activities for which the assets were acquired; provided the City <br /> Council may in its discretion by resolution with respect to any <br /> particular dissolution: <br /> 1 . Authorize the Mayor for and on behalf of the city -to <br /> contract with the public corporation for the disposition of its <br /> rights, assets and property, and thereby designate the recipient <br /> and the terms and purposes of the transfer of assets and <br /> property; and <br /> 2 . Establish procedures and terms and conditions for <br /> transfer and acceptance of the rights , assets and property of the <br /> public corporation to any of the aforesaid entities; and <br /> 3 . Request some or all of the aforesaid eligible <br /> entities identified in subsections B through E to submit <br /> applications for transfer of such rights , assets and property of <br /> the public corporation setting forth the proposed uses thereof , <br /> and accept the application and contract with the entity or <br /> organization that would make the most appropriate use of such <br /> rights , assets and property in performing the projects and <br /> activities for which the public corporation was chartered. <br /> All rights , property and assets of the public corporation upon <br /> transfer shall be vested in the entity receiving and accepting <br /> the same , together with any appurtenant obligations and <br /> liabilities . <br /> Section . 500 Insurance. <br /> Each public corporation chartered pursuant to this chapter <br /> shall maintain in full force and effect public liability <br /> insurance in an amount specified by the Mayor sufficient to cover <br /> potential claims for bodily injury, death or disability and for <br /> property damage which may arise from or be related to projects <br /> - 25 - <br />