15.2-6319 - Dissolution of authority. - Virginia Statutes

§ 15.2-6319. Dissolution of authority.

Whenever the commission of the authority by resolution determines that thepurposes for which the authority was formed have been substantially compliedwith and all bonds issued and all obligations incurred by the authority havebeen fully paid, the commission shall execute and file for record with thegoverning body or bodies of the locality in which the authority was created,a resolution declaring such facts. If the governing bodies are of the opinionthat the facts stated in the authority's resolution are true and theauthority should be dissolved, they shall so resolve; however, in the case ofan authority created by proclamation of the Governor pursuant to § 15.2-6302,the authority shall not be dissolved unless or until the Governor, uponreceipt of the duly certified resolution of each governing body of eachlocality within the area of operation of the authority requestingdissolution, shall proclaim that the authority is dissolved. Any suchauthority for which such a proclamation was issued shall be dissolved as ofthe date on which the proclamation was issued. Upon dissolution, the title toall funds and properties owned by the authority at the time of suchdissolution shall vest, (i) in the case of authorities created byproclamation of the Governor, in the localities in the area of operation orto not-for-profit agencies, public or private, as may be designated by thelocalities, or (ii) in the case of authorities created by the City of Hamptonpursuant to § 15.2-6302, in such locality or to not-for-profit agencies,public or private, as may be designated by such locality.

(1996, c. 740, § 15.1-1339.1; 1997, c. 587; 2005, cc. 869, 887.)