                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY; DISPOSITION OF PROPERTY (§ 15.2-4914)

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&#8217;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.

HISTORY: 1966, c. 651, § 15.1-1385; 1997, c. 587.