SB1256: Authorities for development of former federal areas; dissolution.
Be it enacted by the General Assembly of Virginia:
1. That § 15.2-6319 of the Code of Virginia is amended and reenacted as follows:
§ 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 the 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.