The Authority may acquire title to property in its own name or in the name of the Commonwealth for and on behalf of the Authority. In the event that the Authority ceases to operate its projects and to promote the purposes stated in § 10.1-1601 or is dissolved, the title to real property held by the Authority shall transfer to the locality in which the majority of such property is located; however, in the event that an environmental audit of any real property or interest therein, or portion of such property, to be transferred pursuant to this section discloses any environmental liability or violation of law or regulation, present or contingent, the locality may reject the transfer of any portion of such property that it determines to be environmentally defective.