Virginia § 10.1-1623 Dissolution of Authority; disposition of property

Virginia Statutes

§ 10.1-1623 — Dissolution of Authority; disposition of property

Virginia § 10.1-1623

Title 10.1Conservation

Subtitle IIActivities Administered by Other Entities

Ch. 16Virginia Recreational Facilities Authority Act

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Bluebook

Va. Code Ann. § 10.1-1623 (2026).

Text

A.Notwithstanding any contrary provision of this chapter, whenever the Board determines by resolution that it is in the best interest of those served by the Authority to divest itself of property owned by the Authority, the Authority may transfer all such property to the locality in which the majority of such property is located.

B.Whenever the Board determines by resolution that (i) the purposes for which the Authority was formed have been substantially complied with, (ii) all property of the Authority has been transferred pursuant to this chapter, and (iii) all bonds therefor issued and all obligations theretofore incurred by the Authority have been fully paid or adequate provisions have been made for the payment, the Board may dissolve itself upon a majority vote of the Board.

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A. Notwithstanding any contrary provision of this chapter, whenever the Board determines by resolution that it is in the best interest of those served by the Authority to divest itself of property owned by the Authority, the Authority may transfer all such property to the locality in which the majority of such property is located.

B. Whenever the Board determines by resolution that (i) the purposes for which the Authority was formed have been substantially complied with, (ii) all property of the Authority has been transferred pursuant to this chapter, and (iii) all bonds therefor issued and all obligations theretofore incurred by the Authority have been fully paid or adequate provisions have been made for the payment, the Board may dissolve itself upon a majority vote of the Board.