                                 CODE OF VIRGINIA

LIQUIDATION OF HOUSING PROJECT (§ 36-7.1)

If the governing body of any county or city determines after a public hearing
that the need for a housing project has ceased to exist and that such project
should be liquidated it shall so notify the housing authority which shall
proceed to liquidate the project following public advertisement of the sale
thereof. Provided that no bid on such project shall be accepted which would
result in a sum insufficient to meet the outstanding obligations of the
authority with respect to such project and provided further that if the
authority finds that the highest offered price is not as much as what it
considers a fair value for the property, the authority shall notify the
governing body of this fact. After such notification no further proceedings
shall be had in the liquidation of the property except at the specific direction
of the governing body.

HISTORY: 1958, c. 83.