15.2-6012 - Dissolution of Authority. - Virginia Statutes

§ 15.2-6012. Dissolution of Authority.

Whenever the Board determines that the purpose for which the Authority wascreated has been substantially fulfilled or is impractical or impossible ofaccomplishment and that all obligations incurred by the Authority have beenpaid or that cash or a sufficient amount of United States governmentsecurities has been deposited for their payment or provisions satisfactoryfor the timely payment of all its outstanding obligations have been arranged,the Board may adopt resolutions declaring and finding that the Authorityshall be dissolved. Appropriate attested copies of such resolutions shall bedelivered to the Governor so that legislation dissolving the Authority may beintroduced in the General Assembly. The dissolution of the Authority shallbecome effective according to the terms of such legislation. The title to allfunds and other property owned by the Authority at the time of suchdissolution shall vest in the counties and cities which have contributed tothe fund in proportion to their respective contributions.

(1988, c. 833, § 15.1-1647; 1997, c. 587.)