                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 15.2-6012)

Whenever the Board determines that the purpose for which the Authority was
created has been substantially fulfilled or is impractical or impossible of
accomplishment and that all obligations 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 or provisions satisfactory for the timely
payment of all its outstanding obligations have been arranged, the Board may
adopt resolutions declaring and finding that the Authority shall be dissolved.
Appropriate attested copies of such resolutions shall be delivered to the
Governor so that legislation dissolving the Authority may be introduced in the
General Assembly. The dissolution of the Authority shall become effective
according to the terms of such legislation. The title to all funds and other
property owned by the Authority at the time of such dissolution shall vest in
the counties and cities which have contributed to the fund in proportion to
their respective contributions.

HISTORY: 1988, c. 833, § 15.1-1647; 1997, c. 587.