(a) Subject to the requirements of this section, the trustees of a memorial hospital may vote to file bankruptcy under chapter 9 of the United States bankruptcy code or to dissolve and terminate the county memorial hospital. The plan to dissolve and terminate the county memorial hospital shall provide for the following: (i) Payment of all bonded and other indebtedness against the county memorial hospital; (ii) Disposition of assets of the county memorial hospital upon dissolution. The assets may either be donated to a nonprofit or governmental hospital or health care facility which provides services to the residents of the county upon such conditions as agreed to by the nonprofit or governmental hospital or health care facility, or retained by the county to be used solely for health care purposes by the county. (b) Before any vote by the trustees to file bankruptcy or plan to dissolve and terminate a county memorial hospital is effective, the bankruptcy petition and initial plan for the adjustment of debts or the dissolution and termination plan shall be approved by the board of county commissioners. (c) If the board of county commissioners approves the bankruptcy petition and initial plan for adjustment of debts or the dissolution and termination plan, the board of trustees may take all action necessary to obtain confirmation of the plan of adjustment and closure of the case under chapter 9 of the United States bankruptcy code or take all action necessary to effectuate the plan and dissolve and terminate the county memorial hospital.
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