                                 CODE OF VIRGINIA

DISSOLUTION OF LAND BANK ENTITY (§ 15.2-7511)

A. A land bank entity may be dissolved 60 calendar days after an affirmative
resolution is approved by two-thirds of the membership of the board. Sixty
calendar days&#8217; advance written notice of consideration of a resolution of
dissolution shall be (i) given to all governing bodies that created or are
currently participating in the land bank entity, (ii) published in a local
newspaper of general circulation, and (iii) sent by certified mail to the
trustee of any outstanding bonds of the land bank entity. Upon dissolution of
the land bank entity, all real property, personal property, and other assets of
the land bank entity shall become the assets of the locality or localities that
created the land bank entity. In the event that two or more localities create or
are participating in a land bank entity, the withdrawal of one or more
participating localities shall not result in the dissolution of the land bank
entity unless the intergovernmental agreement so provides and no participating
locality desires to continue the existence of the land bank entity.

B. No land bank entity shall be dissolved unless all obligations and debts of
such land bank entity have been lawfully satisfied or otherwise provided for.

HISTORY: 2016, cc. 159, 383.