                                 CODE OF VIRGINIA

DISSOLUTION (§ 15.2-2413.11)

A. Any tourism improvement district established or extended pursuant to the
provisions of this article, where there is no indebtedness, outstanding and
unpaid, incurred to accomplish any of the purposes of the tourism improvement
district, may be dissolved by majority vote of the local governing body. The
tourism improvement district may be dissolved if the locality determines there
has been misappropriation of funds, malfeasance, or a violation of law in
connection with the management of the tourism improvement district. In the event
of dissolution of a tourism improvement district, any remaining revenues, after
all outstanding debts are paid, derived from the charge of fees, or derived from
the sale of assets acquired with the revenues, or from bond reserve or
construction funds, shall be appropriated for the purposes of the tourism
improvement district plan or shall be refunded to the businesses that are
charged a fee by applying the same method and basis that was used to determine
the tourism improvement district fees that were charged.

B. During the operation of the tourism improvement district, there shall be a
30-day period each year in which owners of benefited businesses may request
dissolution of the tourism improvement district. The first such period shall
begin one year after the date of establishment of the tourism improvement
district and shall continue for 30 days. The next such 30-day period shall begin
two years after the date of the establishment of the tourism improvement
district. Each successive year of operation of the tourism improvement district
shall have such a 30-day period. Upon the written petition of the owners or
authorized representatives of businesses in the tourism improvement district who
pay 50 percent or more of the fees charged, the locality may by majority vote of
the local governing body dissolve the tourism improvement district.

C. The locality shall hold a hearing on any proposed dissolution.

HISTORY: 2021, Sp. Sess. I, c. 500.