Virginia Code 15.2-6319: Dissolution of authority
Whenever the commission of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with and all bonds issued and all obligations incurred by the authority have been fully paid, the commission shall execute and file for record with the governing body or bodies of the locality in which the authority was created, a resolution declaring such facts. If the governing bodies are of the opinion that the facts stated in the authority’s resolution are true and the authority should be dissolved, they shall so resolve; however, in the case of an authority created by proclamation of the Governor pursuant to § 15.2-6302, the authority shall not be dissolved unless or until the Governor, upon determination that such dissolution is appropriate or upon receipt of a duly certified resolution of each governing body of each locality within the area of operation of the authority requesting dissolution, shall proclaim that the authority is dissolved. Any such authority for which such a proclamation was issued shall be dissolved as of the date on which the proclamation was issued. Upon dissolution, the title to all funds and properties owned by the authority at the time of such dissolution shall vest, (i) in the case of authorities created by proclamation of the Governor, in the localities in the area of operation or to not-for-profit agencies, public or private, as may be designated by the localities, or (ii) in the case of authorities created by the City of Hampton pursuant to § 15.2-6302, in such locality or to not-for-profit agencies, public or private, as may be designated by such locality.
Terms Used In Virginia Code 15.2-6319
- Area of operation: means an area coextensive with the territorial boundaries of the land acquired from the federal government by the authority. See Virginia Code 15.2-6301
- Authority: means any political subdivision created by this chapter. See Virginia Code 15.2-6301
- Bonds: means any bonds, notes, interim certificates, debentures, or other obligations issued by an authority pursuant to this chapter. See Virginia Code 15.2-6301
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
1996, c. 740, § 15.1-1339.1; 1997, c. 587; 2005, cc. 869, 887; 2011, cc. 126, 178; 2014, c. 640.