Code of Virginia § 15.2-5428. Dissolution of authority.
166 words·~1 min read·
/va/title-15-2/chapter-54/15-2-5428·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever the board of directors of an authority and its member governmental units determines that the purposes for which it was created have been substantially fulfilled or are impractical or impossible to accomplish and that all bonds theretofore issued and all other obligations theretofore 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, the board of directors of the authority and the governing bodies of the member governmental units may adopt resolutions or ordinances declaring and finding that the authority should be dissolved, and that appropriate articles of dissolution shall be filed with the State Corporation Commission.
Upon the filing of such articles of dissolution by the authority, such dissolution shall become effective, and the title to all funds and other property owned by the authority at the time of such filing shall vest in the member governmental units of the authority.
1979, c. 416, § 15.1-1631; 1997, c. 587.