                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 15.2-6319)

Whenever the commission of the authority by resolution determines that the
purposes for which the authority was formed have been substantially complied
with and all bonds issued and all obligations incurred by the authority have
been fully paid, the commission shall execute and file for record with the
governing body or bodies of the locality in which the authority was created, a
resolution declaring such facts. If the governing bodies 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; however, in the case of an authority
created by proclamation of the Governor pursuant to § 15.2-6302, the authority
shall not be dissolved unless or until the Governor, upon determination that
such dissolution is appropriate or upon receipt of a duly certified resolution
of each governing body of each locality within the area of operation of the
authority requesting dissolution, shall proclaim that the authority is
dissolved. Any such authority for which such a proclamation was issued shall be
dissolved as of the date on which the proclamation was issued. Upon dissolution,
the title to all funds and properties owned by the authority at the time of such
dissolution shall vest, (i) in the case of authorities created by proclamation
of the Governor, in the localities in the area of operation or to not-for-profit
agencies, public or private, as may be designated by the localities, or (ii) in
the case of authorities created by the City of Hampton pursuant to § 15.2-6302,
in such locality or to not-for-profit agencies, public or private, as may be
designated by such locality.

HISTORY: 1996, c. 740, § 15.1-1339.1; 1997, c. 587; 2005, cc. 869, 887; 2011,
cc. 126, 178; 2014, c. 640.