Whenever the board of directors of the authority by resolution determines that the purposes for which the authority was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the then members of the board of directors of the authority shall thereupon execute and file for record with the governing body of the locality which created the authority, a resolution declaring such facts. If the governing body of the locality which created the authority is of the opinion that the facts stated in the authority's resolution are true and that the authority should be dissolved, it shall so resolve and the authority shall stand dissolved. Upon such dissolution, the title to all funds and properties owned by the authority at the time of such dissolution shall vest in the locality creating the authority and possession of such funds and properties shall forthwith be delivered to such locality.
1966, c. 651, § 15.1-1385; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 49 - Industrial Development and Revenue Bond Act
§ 15.2-4901. Purpose of chapter
§ 15.2-4903. Creation of industrial development authorities
§ 15.2-4905. Powers of authority
§ 15.2-4906. Public hearing and approval
§ 15.2-4907. Fiscal impact statement
§ 15.2-4908. Issuance of bonds, notes and other obligations of authority
§ 15.2-4909. Liability of Commonwealth, political subdivisions, directors and officers
§ 15.2-4910. Security for payment of bonds; default
§ 15.2-4911. Rents, fees and other charges
§ 15.2-4912. Exemption from taxation
§ 15.2-4913. Authority to be nonprofit; excess earnings
§ 15.2-4914. Dissolution of authority; disposition of property
§ 15.2-4915. Bonds as legal investments and lawful security
§ 15.2-4916. Authorities acting jointly
§ 15.2-4918. Provisions of chapter cumulative; construction
§ 15.2-4919. Provisions of chapter controlling over other statutes and charters