Code of Virginia § 10.1-1623. Dissolution of Authority; disposition of property.
135 words·~1 min read·
/va/title-10-1/chapter-16/10-1-1623·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Notwithstanding any contrary provision of this chapter, whenever the Board determines by resolution that it is in the best interest of those served by the Authority to divest itself of property owned by the Authority, the Authority may transfer all such property to the locality in which the majority of such property is located.
B. Whenever the Board determines by resolution that
(i)the purposes for which the Authority was formed have been substantially complied with,
(ii)all property of the Authority has been transferred pursuant to this chapter, and
(iii)all bonds therefor issued and all obligations theretofore incurred by the Authority have been fully paid or adequate provisions have been made for the payment, the Board may dissolve itself upon a majority vote of the Board.
2025, cc. 169 , 176 .