15.2-6212 - Dissolution of Authority. - Virginia Statutes

§ 15.2-6212. Dissolution of Authority.

Each member locality of the Authority may withdraw from the Authority onlyupon dissolution of the Authority as set forth herein. Whenever the Boarddetermines that the purpose for which the Authority was created has beensubstantially fulfilled or is impractical or impossible to accomplish andthat all obligations incurred by the Authority have been paid or that cash ora sufficient amount of United States government securities has been depositedfor their payment, or provisions satisfactory for the timely payment of allits outstanding obligations have been arranged, the Board may adoptresolutions declaring and finding that the Authority shall be dissolved.Appropriate attested copies of such resolutions shall be delivered to theGovernor so that legislation dissolving the Authority may be introduced inthe General Assembly. The dissolution of the Authority shall become effectiveaccording to the terms of such legislation. The title to all funds and otherproperty owned by the Authority at the time of such dissolution shall vest inthe counties and cities which have contributed to the fund in proportion totheir respective contributions.

(1993, c. 982, § 15.1-1673; 1997, c. 587.)