                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 15.2-6415)

A member locality of an authority may withdraw from the authority only (i) upon
dissolution of the authority as set forth herein, or (ii) with the majority
approval of all other members of such authority, upon a resolution adopted by
the governing body of a member locality and after satisfaction of such member
locality&#8217;s legal obligations, including repayment of its portion of any
debt incurred, with regard to the authority, or after making contractual
provisions for the repayment of its portion of any debt incurred, with regard to
the authority, as well as pledging to pay general dues for operation of the
authority for the current and succeeding fiscal year following the effective
date of withdrawal. No member seeking withdrawal shall retain, without the
consent of a majority of the remaining members, any rights to contributions made
by such member, to any property held by such authority or to any revenue sharing
as allowed by §§ 15.2-6406 and 15.2-6407. Upon withdrawal, the withdrawing
member shall also return to the authority any dues or other contributions
refunded to such member during its membership in the authority. Whenever the
board determines that the purpose for which the authority was created has been
substantially fulfilled or is impractical or impossible to accomplish 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 such authority may be introduced in the General Assembly.
The dissolution of an authority shall become effective according to the terms of
such legislation. The title to all funds and other property owned by such
authority at the time of such dissolution shall vest in the member localities
which have contributed to the authority in proportion to their respective
contributions.

HISTORY: 1997, cc. 276, 587, § 15.1-1725; 2010, c. 531.