State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-64 > 15-2-6415§ 15.2-6415. Dissolution of authority.
A member locality of an authority may withdraw from the authority only (i)upon dissolution of the authority as set forth herein, or (ii) with themajority approval of all other members of such authority, upon a resolutionadopted by the governing body of a member locality and after satisfaction ofsuch member locality's legal obligations, including repayment of its portionof any debt incurred, with regard to the authority, or after makingcontractual provisions for the repayment of its portion of any debt incurred,with regard to the authority, as well as pledging to pay general dues foroperation of the authority for the current and succeeding fiscal yearfollowing the effective date of withdrawal. No member seeking withdrawalshall retain, without the consent of a majority of the remaining members, anyrights to contributions made by such member, to any property held by suchauthority or to any revenue sharing as allowed by §§ 15.2-6406 and 15.2-6407.Upon withdrawal, the withdrawing member shall also return to the authorityany dues or other contributions refunded to such member during its membershipin the authority. Whenever the board determines that the purpose for whichthe authority was created has been substantially fulfilled or is impracticalor impossible to accomplish and that all obligations incurred by theauthority have been paid or that cash or a sufficient amount of United Statesgovernment securities has been deposited for their payment, or provisionssatisfactory for the timely payment of all its outstanding obligations havebeen arranged, the board may adopt resolutions declaring and finding that theauthority shall be dissolved. Appropriate attested copies of such resolutionsshall be delivered to the Governor so that legislation dissolving suchauthority may be introduced in the General Assembly. The dissolution of anauthority shall become effective according to the terms of such legislation.The title to all funds and other property owned by such authority at the timeof such dissolution shall vest in the member localities which havecontributed to the authority in proportion to their respective contributions.
(1997, cc. 276, 587, § 15.1-1725; 2010, c. 531.)
