                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY; DISPOSITION OF PROPERTY (§ 15.2-5616)

Whenever the board of the authority shall by resolution determine that the
purposes for which the authority was formed have been substantially complied
with and all bonds therefore issued and all obligations theretofore incurred by
the authority have been fully paid or adequate provisions have been made for the
payment, the board shall execute and file for record with the participating
localities a resolution declaring such facts. If the participating localities
are of the opinion that the facts stated in the authority&#8217;s resolution are
true and the authority should be dissolved, they shall so resolve and the
authority shall stand dissolved as of the date on which the last participating
locality adopts such resolution. Upon such dissolution, the title to all funds
and properties owned by the authority at the time of such dissolution shall vest
in the participating localities.

HISTORY: 1986, c. 442, § 15.1-1286.1; 1997, c. 587.