                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY; DISPOSITION OF PROPERTY (§ 15.2-5521)

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, 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
that created the authority, a resolution declaring such facts. If the governing
body of the locality that 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: 2007, c. 864.