15.2-4914 - Dissolution of authority; disposition of property. - Virginia Statutes

§ 15.2-4914. Dissolution of authority; disposition of property.

Whenever the board of directors of the authority by resolution determinesthat the purposes for which the authority was formed have been substantiallycomplied with and all bonds theretofore issued and all obligationstheretofore incurred by the authority have been fully paid, the then membersof the board of directors of the authority shall thereupon execute and filefor record with the governing body of the locality which created theauthority, a resolution declaring such facts. If the governing body of thelocality which created the authority is of the opinion that the facts statedin the authority's resolution are true and that the authority should bedissolved, it shall so resolve and the authority shall stand dissolved. Uponsuch dissolution, the title to all funds and properties owned by theauthority at the time of such dissolution shall vest in the locality creatingthe authority and possession of such funds and properties shall forthwith bedelivered to such locality.

(1966, c. 651, § 15.1-1385; 1997, c. 587.)