{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4914.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4914.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4914.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4914.html"}],"law_id":67758,"edition_id":1,"section_id":67758,"structure_id":13549,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","history":"1966, c. 651, \u00a7 15.1-1385; 1997, c. 587.","full_text":"Whenever the board of directors of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the then members of the board of directors of the authority shall thereupon execute and file for record with the governing body of the locality which created the authority, a resolution declaring such facts. If the governing body of the locality which created the authority is of the opinion that the facts stated in the authority’s resolution are true and that the authority should be dissolved, it shall so resolve and the authority shall stand dissolved. Upon such dissolution, the title to all funds and properties owned by the authority at the time of such dissolution shall vest in the locality creating the authority and possession of such funds and properties shall forthwith be delivered to such locality.","order_by":null,"text":{"0":{"id":245442,"text":"Whenever the board of directors of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the then members of the board of directors of the authority shall thereupon execute and file for record with the governing body of the locality which created the authority, a resolution declaring such facts. If the governing body of the locality which created the authority is of the opinion that the facts stated in the authority’s resolution are true and that the authority should be dissolved, it shall so resolve and the authority shall stand dissolved. Upon such dissolution, the title to all funds and properties owned by the authority at the time of such dissolution shall vest in the locality creating the authority and possession of such funds and properties shall forthwith be delivered to such locality.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13549,"edition_id":1,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":158343,"object_type":"structure","relational_id":13549,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62034,"structure_id":13549,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":60789,"structure_id":13549,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":66473,"structure_id":13549,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":false},{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":72636,"structure_id":13549,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":83307,"structure_id":13549,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":77169,"structure_id":13549,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},{"id":70332,"structure_id":13549,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},{"id":69318,"structure_id":13549,"section_number":"15.2-4912","catch_line":"Exemption from taxation","url":"\/15.2-4912\/","token":"15.2\/IV\/49\/15.2-4912","metadata":false},{"id":85317,"structure_id":13549,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},{"id":67758,"structure_id":13549,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","metadata":false},{"id":56510,"structure_id":13549,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},{"id":61752,"structure_id":13549,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","url":"\/15.2-4916\/","token":"15.2\/IV\/49\/15.2-4916","metadata":false},{"id":80463,"structure_id":13549,"section_number":"15.2-4917","catch_line":"Facility sites","url":"\/15.2-4917\/","token":"15.2\/IV\/49\/15.2-4917","metadata":false},{"id":77243,"structure_id":13549,"section_number":"15.2-4918","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":83378,"structure_id":13549,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":79142,"structure_id":13549,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":85317,"structure_id":13549,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},"next_section":{"id":56510,"structure_id":13549,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4914\/","history_text":"

This law was first created in 1966. The record of its establishment is cataloged in chapter 651 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":158401,"object_type":"law","relational_id":67758,"identifier":"15.2-4914","token":"15.2\/IV\/49\/15.2-4914","url":"\/15.2-4914\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","dublin_core":{"Title":"Dissolution of authority; disposition of property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4914","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever the board of directors of the authority<\/span> by resolution determines that the purposes for which the authority<\/span> was formed have been substantially complied with and all bonds<\/span> theretofore issued and all obligations theretofore incurred by the authority<\/span> have been fully paid, the then members of the board of directors of the authority<\/span> shall thereupon execute and file for record with the governing body<\/span> of the locality<\/span> which created the authority<\/span>, a resolution declaring such facts<\/span>. If the governing body<\/span> of the locality<\/span> which created the authority<\/span> is of the opinion<\/span> that the facts<\/span> stated in the authority<\/span>’s resolution are true and that the authority<\/span> should be dissolved, it shall so resolve and the authority<\/span> shall stand dissolved. Upon such dissolution, the title to all funds and properties owned by the authority<\/span> at the time of such dissolution shall vest in the locality<\/span> creating the authority<\/span> and possession<\/span> of such funds and properties shall forthwith be delivered to such locality<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISSOLUTION OF AUTHORITY; DISPOSITION OF PROPERTY (\u00a7 15.2-4914)\n\nWhenever the board of directors of the authority by resolution determines that\nthe purposes for which the authority was formed have been substantially complied\nwith and all bonds theretofore issued and all obligations theretofore incurred\nby the authority have been fully paid, the then members of the board of\ndirectors of the authority shall thereupon execute and file for record with the\ngoverning body of the locality which created the authority, a resolution\ndeclaring such facts. If the governing body of the locality which created the\nauthority is of the opinion that the facts stated in the authority’s\nresolution are true and that the authority should be dissolved, it shall so\nresolve and the authority shall stand dissolved. Upon such dissolution, the\ntitle to all funds and properties owned by the authority at the time of such\ndissolution shall vest in the locality creating the authority and possession of\nsuch funds and properties shall forthwith be delivered to such locality.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1385; 1997, c. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}