When any Authority shall have finally paid and discharged all bonds which, together with the interest due thereon, shall have been secured by a pledge of any of the revenues or receipts of a project, it may (subject to any agreements concerning the operation or disposition of such project) convey such project to the county or city creating the Authority and terminate its existence. A certificate requesting the termination of the existence of the Authority shall be submitted to the county or city creating the Authority. If the certificate is approved by the county or city, then the certificate, endorsed with such approval, shall be filed with the Secretary of the Commonwealth, and thereupon the said secretary shall note the termination of existence on the record of incorporation and return the certificate with his approval shown thereon to the board. Thereupon, the property of said Authority shall pass to the county or city and the Authority shall cease to exist.