§ 15.2-5109. Dissolution and termination of authority.
Whenever the board of an authority determines that the purposes for which itwas created have been completed or are impractical or impossible or that itsfunctions have been taken over by one or more political subdivisions and thatall its obligations have been paid or have been assumed by one or more ofsuch political subdivisions or any authority created thereby or that cash orUnited States government securities have been deposited for their payment, itshall adopt and file with the governing body of each political subdivisionwhich is a member of the authority a resolution declaring such facts. If allthe governing bodies adopt resolutions concurring in such declaration andfinding that the authority should be dissolved, they shall file appropriatearticles of dissolution with the State Corporation Commission. When theaffairs of the authority have been wound up and all of its assets have beendistributed, the governing bodies shall file appropriate articles oftermination of corporate existence with the State Corporation Commission.
If any of the governing bodies refuse to adopt resolutions concurring in suchdeclaration, then the authority may petition the circuit court for anylocality which is a member of the authority to order one or more of suchgoverning bodies to create a new authority. The circuit court may order thegoverning body of the political subdivision requesting dissolution of theexisting authority to adopt an ordinance establishing a new authority towhich the provisions of §§ 15.2-5102 through 15.2-5106 shall not apply.Thereafter, the court may order that the assets be divided among theauthorities and, subject to the approval of any debt holder, require theassumption of a proportionate share of the obligations of the existingauthority by the new authority.
Notwithstanding the provisions of subdivision 1 of § 15.2-5114, an authorityshall continue in existence and shall not be dissolved because the term forwhich it was created, including any extensions thereof, has expired, unlessall of such authority's functions have been taken over and its obligationshave been paid or have been assumed by one or more political subdivisions orby an authority created thereby, or cash or United States governmentsecurities have been deposited for their payment.
(1970, c. 617, § 15.1-1269.1; 1982, c. 662; 1997, c. 587; 2009, c. 216.)
§ 15.2-5109. Dissolution and termination of authority.
Whenever the board of an authority determines that the purposes for which itwas created have been completed or are impractical or impossible or that itsfunctions have been taken over by one or more political subdivisions and thatall its obligations have been paid or have been assumed by one or more ofsuch political subdivisions or any authority created thereby or that cash orUnited States government securities have been deposited for their payment, itshall adopt and file with the governing body of each political subdivisionwhich is a member of the authority a resolution declaring such facts. If allthe governing bodies adopt resolutions concurring in such declaration andfinding that the authority should be dissolved, they shall file appropriatearticles of dissolution with the State Corporation Commission. When theaffairs of the authority have been wound up and all of its assets have beendistributed, the governing bodies shall file appropriate articles oftermination of corporate existence with the State Corporation Commission.
If any of the governing bodies refuse to adopt resolutions concurring in suchdeclaration, then the authority may petition the circuit court for anylocality which is a member of the authority to order one or more of suchgoverning bodies to create a new authority. The circuit court may order thegoverning body of the political subdivision requesting dissolution of theexisting authority to adopt an ordinance establishing a new authority towhich the provisions of §§ 15.2-5102 through 15.2-5106 shall not apply.Thereafter, the court may order that the assets be divided among theauthorities and, subject to the approval of any debt holder, require theassumption of a proportionate share of the obligations of the existingauthority by the new authority.
Notwithstanding the provisions of subdivision 1 of § 15.2-5114, an authorityshall continue in existence and shall not be dissolved because the term forwhich it was created, including any extensions thereof, has expired, unlessall of such authority's functions have been taken over and its obligationshave been paid or have been assumed by one or more political subdivisions orby an authority created thereby, or cash or United States governmentsecurities have been deposited for their payment.
(1970, c. 617, § 15.1-1269.1; 1982, c. 662; 1997, c. 587; 2009, c. 216.)
§ 15.2-5109. Dissolution and termination of authority.
Whenever the board of an authority determines that the purposes for which itwas created have been completed or are impractical or impossible or that itsfunctions have been taken over by one or more political subdivisions and thatall its obligations have been paid or have been assumed by one or more ofsuch political subdivisions or any authority created thereby or that cash orUnited States government securities have been deposited for their payment, itshall adopt and file with the governing body of each political subdivisionwhich is a member of the authority a resolution declaring such facts. If allthe governing bodies adopt resolutions concurring in such declaration andfinding that the authority should be dissolved, they shall file appropriatearticles of dissolution with the State Corporation Commission. When theaffairs of the authority have been wound up and all of its assets have beendistributed, the governing bodies shall file appropriate articles oftermination of corporate existence with the State Corporation Commission.
If any of the governing bodies refuse to adopt resolutions concurring in suchdeclaration, then the authority may petition the circuit court for anylocality which is a member of the authority to order one or more of suchgoverning bodies to create a new authority. The circuit court may order thegoverning body of the political subdivision requesting dissolution of theexisting authority to adopt an ordinance establishing a new authority towhich the provisions of §§ 15.2-5102 through 15.2-5106 shall not apply.Thereafter, the court may order that the assets be divided among theauthorities and, subject to the approval of any debt holder, require theassumption of a proportionate share of the obligations of the existingauthority by the new authority.
Notwithstanding the provisions of subdivision 1 of § 15.2-5114, an authorityshall continue in existence and shall not be dissolved because the term forwhich it was created, including any extensions thereof, has expired, unlessall of such authority's functions have been taken over and its obligationshave been paid or have been assumed by one or more political subdivisions orby an authority created thereby, or cash or United States governmentsecurities have been deposited for their payment.
(1970, c. 617, § 15.1-1269.1; 1982, c. 662; 1997, c. 587; 2009, c. 216.)
