15.2-5616 - Dissolution of authority; disposition of property. - Virginia Statutes

§ 15.2-5616. Dissolution of authority; disposition of property.

Whenever the board of the authority shall by resolution determine that thepurposes for which the authority was formed have been substantially compliedwith and all bonds therefore issued and all obligations theretofore incurredby the authority have been fully paid or adequate provisions have been madefor the payment, the board shall execute and file for record with theparticipating localities a resolution declaring such facts. If theparticipating localities are of the opinion that the facts stated in theauthority's resolution are true and the authority should be dissolved, theyshall so resolve and the authority shall stand dissolved as of the date onwhich the last participating locality adopts such resolution. Upon suchdissolution, the title to all funds and properties owned by the authority atthe time of such dissolution shall vest in the participating localities.

(1986, c. 442, § 15.1-1286.1; 1997, c. 587.)