                                 CODE OF VIRGINIA

DISSOLUTION OF THE AUTHORITY (§ 33.2-2812)

Whenever the Authority Board by resolution determines that the purposes for
which the Authority was formed have been substantially complied with and all
bonds issued and all obligations incurred by the Authority have been fully paid
or adequate provisions have been made for the payment, the Authority Board shall
execute and file for record with the participating localities, agencies,
institutions, and facilities a resolution declaring such facts and providing for
the disposition of the Authority assets, consistent with applicable state and
federal law. If the participating localities, agencies, institutions, and
facilities are of the opinion that the facts stated in the Authority&#8217;s
resolution are true and the Authority should be dissolved, they shall so resolve
and the Authority shall stand dissolved as of the date on which the last
participating locality, agency, institution, or facility adopts such resolution.

HISTORY: 2009, c. 645, § 15.2-7035; 2014, c. 805.