In the event the board of the authority shall so determine, the authority may lease or sell all of its property and equipment, either by contract or at public auction, on such terms and conditions as the authority may fix and determine. Upon the dissolution of the authority, all of its assets and property shall revert to and become the property of the county or municipality for which said authority was created.
The amendment of this section in the year one thousand nine hundred ninety-eight, is intended to clarify the intent of the Legislature as to the manner in which an authority may sell, lease or otherwise dispose of real and personal property owned by an authority, and shall be retroactive to the date of the prior enactment of this section.
Structure West Virginia Code
Chapter 7. County Commissions and Officers
Article 12. County and Municipal Development Authorities
§7-12-1. Establishment Authorized; Name; Exceptions
§7-12-4. Qualifications of Members
§7-12-6. Authority to Be a Public Corporation
§7-12-8. Incurring Indebtedness; Rights of Creditors
§7-12-9. Agreements in Connection With Obtaining Funds
§7-12-9a. Joint Undertakings by County Development Authorities
§7-12-9b. Joint Development Entities
§7-12-10. Property, Bonds and Obligations of Authority Exempt From Taxation
§7-12-11. Participation and Appropriations Authorized; Transfers and Conveyances of Property
§7-12-13. Sale or Lease of Property; Reversion of Assets Upon Dissolution
§7-12-14. Employees to Be Covered by Workers' Compensation