(1) The city council of a city that created an inland port authority under subsection (1) of section 13-3304 or the county board of a county that created an inland port authority under subsection (3) of section 13-3304 may dissolve such inland port authority if such inland port authority has no outstanding obligations. The inland port authority shall be dissolved as of the date of approval by the city council or county board. All funds and other assets of the inland port authority shall be transferred upon dissolution to the city or county, as applicable.

(2) The city council of a city and the county board or boards of a county or counties that created an inland port authority under subsection (2) of section 13-3304 may dissolve such inland port authority if such inland port authority has no outstanding obligations. The inland port authority shall be dissolved as of the date of approval by the city council and the county board or boards. Upon dissolution, all funds and other assets of the inland port authority shall be transferred to the city or the county or counties as agreed upon by the city and county or counties.