58.1-3245.5 - Dissolving the Tax Increment Financing Fund. - Virginia Statutes

§ 58.1-3245.5. Dissolving the Tax Increment Financing Fund.

The governing body may pass an ordinance to dissolve the Tax IncrementFinancing Fund, and to terminate the existence of a development project area,upon the payment or defeasance of all obligations secured by the TaxIncrement Financing Fund and payment or provision for payment of alldevelopment project cost commitments. When the Tax Increment Financing Fundis dissolved, any revenue remaining in the Fund after payment or provisionfor payment of all such obligations and commitments shall be paid into thegeneral fund of the county, city or town.

Upon dissolving the Tax Increment Financing Fund, the real estate shall beassessed and taxes collected in the same manner as applicable in the yearpreceding the adoption of the tax increment financing ordinance, and pursuantto this chapter.

(1988, c. 776; 1990, c. 296; 1994, c. 667.)