State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-54 > 15-2-5428§ 15.2-5428. Dissolution of authority.
Whenever the board of directors of an authority and its member governmentalunits determines that the purposes for which it was created have beensubstantially fulfilled or are impractical or impossible to accomplish andthat all bonds theretofore issued and all other obligations theretoforeincurred by the authority have been paid or that cash or a sufficient amountof United States government securities has been deposited for their payment,the board of directors of the authority and the governing bodies of themember governmental units may adopt resolutions or ordinances declaring andfinding that the authority should be dissolved, and that appropriate articlesof dissolution shall be filed with the State Corporation Commission. Upon thefiling of such articles of dissolution by the authority, such dissolutionshall become effective, and the title to all funds and other property ownedby the authority at the time of such filing shall vest in the membergovernmental units of the authority.
(1979, c. 416, § 15.1-1631; 1997, c. 587.)
