                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 33.2-299.6)

Whenever the Board determines that the purposes for which it was created have
been substantially fulfilled or are impractical or impossible to accomplish and
that all bonds theretofore issued and all other obligations therefore 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, and upon the
approval of the Governor and the General Assembly, the Board may adopt
resolutions or ordinances declaring and finding that the Authority should be
dissolved and that appropriate articles of dissolution shall be filed with the
State Corporation Commission. Upon the filing of such articles of dissolution by
the Authority, such dissolution shall become effective and the title to all
funds and other property owned by the Authority at the time of such filing shall
vest in the Department.

HISTORY: 2020, cc. 1230, 1275.