                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY; DISPOSITION OF PROPERTY (§ 10.1-1623)

A. Notwithstanding any contrary provision of this chapter, whenever the Board
determines by resolution that it is in the best interest of those served by the
Authority to divest itself of property owned by the Authority, the Authority may
transfer all such property to the locality in which the majority of such
property is located.

B. Whenever the Board determines by resolution that (i) the purposes for which
the Authority was formed have been substantially complied with, (ii) all
property of the Authority has been transferred pursuant to this chapter, and
(iii) all bonds therefor issued and all obligations theretofore incurred by the
Authority have been fully paid or adequate provisions have been made for the
payment, the Board may dissolve itself upon a majority vote of the Board.

HISTORY: 2025, cc. 169, 176.