Code of Virginia § 15.2-7511. Dissolution of land bank entity.
207 words·~1 min read·
/va/title-15-2/chapter-75/15-2-7511·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A land bank entity may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the board. Sixty calendar days' advance written notice of consideration of a resolution of dissolution shall be
(i)given to all governing bodies that created or are currently participating in the land bank entity,
(ii)published in a local newspaper of general circulation, and
(iii)sent by certified mail to the trustee of any outstanding bonds of the land bank entity. Upon dissolution of the land bank entity, all real property, personal property, and other assets of the land bank entity shall become the assets of the locality or localities that created the land bank entity. In the event that two or more localities create or are participating in a land bank entity, the withdrawal of one or more participating localities shall not result in the dissolution of the land bank entity unless the intergovernmental agreement so provides and no participating locality desires to continue the existence of the land bank entity.
B. No land bank entity shall be dissolved unless all obligations and debts of such land bank entity have been lawfully satisfied or otherwise provided for.
2016, cc. 159 , 383 .