36-7.1 - Liquidation of housing project. - Virginia Statutes

§ 36-7.1. Liquidation of housing project.

If the governing body of any county or city determines after a public hearingthat the need for a housing project has ceased to exist and that such projectshould be liquidated it shall so notify the housing authority which shallproceed to liquidate the project following public advertisement of the salethereof. Provided that no bid on such project shall be accepted which wouldresult in a sum insufficient to meet the outstanding obligations of theauthority with respect to such project and provided further that if theauthority finds that the highest offered price is not as much as what itconsiders a fair value for the property, the authority shall notify thegoverning body of this fact. After such notification no further proceedingsshall be had in the liquidation of the property except at the specificdirection of the governing body.

(1958, c. 83.)