15.2-5431.9 - Dissolution of authority.
§ 15.2-5431.9. Dissolution of authority.
A. Whenever the board of an authority determines that the purposes for whichit was created have been completed or are impractical or impossible and thatall its obligations have been paid or have been assumed by one or more ofsuch political subdivisions or any authority created thereby or that cash orUnited States government securities have been deposited for their payment, itshall adopt and file with the governing body a resolution declaring suchfacts. If the governing body adopts a resolution concurring in suchdeclaration and finding that the authority should be dissolved, they shallfile appropriate articles of dissolution with the State CorporationCommission.
B. Notwithstanding the provisions of subdivision 1 of § 15.2-5431.11, anauthority shall continue in existence and shall not be dissolved because theterm for which it was created, including any extensions thereof, has expired,unless all of such authority's functions have been taken over and itsobligations have been paid or have been assumed by one or more politicalsubdivisions or by an authority created thereby, or cash or United Statesgovernment securities have been deposited for their payment.
(2003, c. 643.)