(1) If the conditions of sub. (2) are satisfied, the authority shall: (a) Release the lien of any mortgage, deed of trust or other security arrangement securing the bond; and (b) Convey to the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution the authority’s interest in the project and in any other health facility, educational facility, nonprofit facility, or research facility leased, mortgaged, or subject to a deed of trust or any other form of security arrangement to secure the bond. (2) The authority shall release the lien of the security arrangement and convey title under sub. (1) if: (a) The principal of and interest on any bond issued by the authority to finance a project or to refinance or refund outstanding indebtedness of one or more participating health institutions, participating educational institutions, participating nonprofit institutions, or participating research institutions, including any refunding bonds issued to refund and refinance the bond, have been fully paid and the bonds retired or if the adequate provision has been made to pay fully and retire the bond; and (b) The conveyance provides that the facility that was financed will not be used primarily for sectarian instruction or study or as a place for devotional activities or religious worship.
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