                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 15.2-7607)

Each member locality of the Authority may withdraw from the Authority only upon
dissolution of the Authority as set forth herein. 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 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 that have
contributed to the Authority&#8217;s resources in proportion to their respective
contributions.

HISTORY: 2017, c. 388.