15.2-5521 - Dissolution of authority; disposition of property. - Virginia Statutes

§ 15.2-5521. 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, the then members of the board of directors of the authorityshall thereupon execute and file for record with the governing body of thelocality that created the authority, a resolution declaring such facts. Ifthe governing body of the locality that created the authority is of theopinion that the facts stated in the authority's resolution are true and thatthe authority should be dissolved, it shall so resolve and the authorityshall stand dissolved. Upon such dissolution, the title to all funds andproperties owned by the authority at the time of such dissolution shall vestin the locality creating the authority and possession of such funds andproperties shall forthwith be delivered to such locality.

(2007, c. 864.)