Whenever the board of directors of an authority and its member governmental units determines that the purposes for which it was created have been substantially fulfilled or are impractical or impossible to accomplish and that all bonds theretofore issued and all other obligations theretofore incurred by the authority have been paid or that cash or a sufficient amount of United States government securities has been deposited for their payment, the board of directors of the authority and the governing bodies of the member governmental units may adopt resolutions or ordinances declaring and finding that the authority should be dissolved, and that appropriate articles of dissolution shall be filed with the State Corporation Commission. Upon the filing of such articles of dissolution by the authority, such dissolution shall become effective, and the title to all funds and other property owned by the authority at the time of such filing shall vest in the member governmental units of the authority.
1979, c. 416, § 15.1-1631; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 54 - Electric Authorities Act
§ 15.2-5401. Intent of General Assembly
§ 15.2-5403. Creation of electric authority; referendum
§ 15.2-5404. Articles of incorporation
§ 15.2-5405.1. Applicability of personnel and procurement procedures to certain authorities
§ 15.2-5406. Rights, powers and duties of authority
§ 15.2-5406.1. Retail distribution of electric energy limited to certain authorities
§ 15.2-5406.2. Tort claims against certain authorities
§ 15.2-5407. Membership in more than one authority
§ 15.2-5409. Sale of capacity and output to nonmembers; limitations
§ 15.2-5411. Contracts for planning, acquisition, construction, etc., of projects
§ 15.2-5412. Issuance of bonds by authority
§ 15.2-5413. Interim receipts and temporary bonds; lost, stolen and destroyed bonds
§ 15.2-5414. Bonds not debts of Commonwealth or member governmental unit
§ 15.2-5415. Security for bonds; trust agreement; bond resolution
§ 15.2-5416. Rents, rates, fees and other charges
§ 15.2-5417. Moneys received deemed trust funds
§ 15.2-5418. Bondholders' and trustees' remedies
§ 15.2-5420. Status of bonds under Uniform Commercial Code
§ 15.2-5421. Bonds as legal investments and lawful security
§ 15.2-5422. Bonds exempt from taxation
§ 15.2-5423. Payments in lieu of property taxes; license tax
§ 15.2-5423.1. Exemption from taxation for certain authorities
§ 15.2-5424. Transfer, etc., of property of political subdivisions upon request of authority
§ 15.2-5427. Liability of members or officers
§ 15.2-5428. Dissolution of authority
§ 15.2-5429. Legislative consent to application of laws of other states
§ 15.2-5430. Provisions of chapter cumulative; construction
§ 15.2-5431. Provisions of chapter controlling over other statutes and charters