                                 CODE OF VIRGINIA

DISSOLVING THE TAX INCREMENT FINANCING FUND (§ 58.1-3245.5)

The governing body may pass an ordinance to dissolve the Tax Increment Financing
Fund, and to terminate the existence of a development project area, upon the
payment or defeasance of all obligations secured by the Tax Increment Financing
Fund and payment or provision for payment of all development project cost
commitments. When the Tax Increment Financing Fund is dissolved, any revenue
remaining in the Fund after payment or provision for payment of all such
obligations and commitments shall be paid into the general fund of the county,
city or town.
		Upon dissolving the Tax Increment Financing Fund, the real estate shall be
assessed and taxes collected in the same manner as applicable in the year
preceding the adoption of the tax increment financing ordinance, and pursuant to
this chapter.

HISTORY: 1988, c. 776; 1990, c. 296; 1994, c. 667.