When the principal of and interest on bonds of the Authority issued to finance the cost of a particular project or projects for a participating institution for higher education or noncollegiate educational institution or for a participating hospital, including any refunding bonds issued to refund and refinance such bonds, have been fully paid and retired, or when adequate provision has been made to fully pay and retire the same, and all other conditions of the resolution or trust agreement authorizing and securing the same have been satisfied and the lien of such resolution or trust agreement has been released in accordance with the provisions thereof, the Authority shall promptly do such things and execute such deeds and conveyances as are necessary and required to convey title to such project or projects to such participating institution for higher education or noncollegiate educational institution or such participating hospital, free and clear of all liens and encumbrances, all to the extent that title to such project or projects shall not, at the time, then be vested in such participating institution for higher education or noncollegiate educational institution or such participating hospital.