§ 15.2-4914. Dissolution of authority; disposition of property
Whenever the board of directors of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the then members of the board of directors of the authority shall thereupon execute and file for record with the governing body of the locality which created the authority, a resolution declaring such facts. If the governing body of the locality which created the authority is of the opinion that the facts stated in the authority's resolution are true and that the authority should be dissolved, it shall so resolve and the authority shall stand dissolved. Upon such dissolution, the title to all funds and properties owned by the authority at the time of such dissolution shall vest in the locality creating the authority and possession of such funds and properties shall forthwith be delivered to such locality.
(1966, c. 651, § 15.1-1385; 1997, c. 587.)
Sections: Previous 15.2-4906 15.2-4907 15.2-4908 15.2-4909 15.2-4910 15.2-4911 15.2-4912 15.2-4913 15.2-4914 15.2-4915 15.2-4916 15.2-4917 15.2-4918 15.2-4919 15.2-4920 NextLast modified: April 2, 2009