15.2-7035 - Dissolution of the Authority. - Virginia Statutes

§ 15.2-7035. Dissolution of the Authority.

Whenever the Authority Board by resolution determines that the purposes forwhich the Authority was formed have been substantially complied with and allbonds theretofore issued and all obligations theretofore incurred by theAuthority have been fully paid or adequate provisions have been made for thepayment, the Authority Board shall execute and file for record with theparticipating localities, agencies, institutions, and facilities a resolutiondeclaring such facts and providing for the disposition of the Authorityassets, consistent with applicable state and federal law. If theparticipating localities, agencies, institutions, and facilities are of theopinion that the facts stated in the Authority's resolution are true and theAuthority should be dissolved, they shall so resolve and the Authority shallstand dissolved as of the date on which the last participating locality,agency, institution and/or facility adopts such resolution.

(2009, c. 645.)