§ 15.2-6415. Dissolution of authority
A member locality of an 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 such authority may be introduced in the General Assembly. The dissolution of an authority shall become effective according to the terms of such legislation. The title to all funds and other property owned by such authority at the time of such dissolution shall vest in the member localities which have contributed to the authority in proportion to their respective contributions.
(1997, cc. 276, 587, § 15.1-1725.)Sections: Previous 15.2-6402 15.2-6403 15.2-6404 15.2-6405 15.2-6406 15.2-6407 15.2-6408 15.2-6409 15.2-6410 15.2-6411 15.2-6412 15.2-6413 15.2-6414 15.2-6415 15.2-6416 Next
Last modified: April 2, 2009