                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 15.2-5428)

Whenever the board of directors of an authority and its member governmental
units determines that the purposes for which it was created have been
substantially fulfilled or are impractical or impossible to accomplish and that
all bonds theretofore issued and all other obligations theretofore incurred by
the authority have been paid or that cash or a sufficient amount of United
States government securities has been deposited for their payment, the board of
directors of the authority and the governing bodies of the member governmental
units may adopt resolutions or ordinances declaring and finding that the
authority should be dissolved, and that appropriate articles of dissolution
shall be filed with the State Corporation Commission. Upon the filing of such
articles of dissolution by the authority, such dissolution shall become
effective, and the title to all funds and other property owned by the authority
at the time of such filing shall vest in the member governmental units of the
authority.

HISTORY: 1979, c. 416, § 15.1-1631; 1997, c. 587.