West Virginia § 8-27-26 Dissolution of authority; disposition of assets after payment of debts

West Virginia Statutes

§ 8-27-26 — Dissolution of authority; disposition of assets after payment of debts

West Virginia·Ch. 8 MUNICIPAL CORPORATIONS·Art. 27 INTERGOVERNMENTAL RELATIONS -- URBAN MASS TRANSPORTATION SYSTEMS

In the event full and adequate provision is made for the payment of all of the debts of an authority, the participating municipalities or counties or any combination thereof which have contributed at least sixty percent of the total value of all moneys and property (the value of which property is determined as specified in section five of this article) contributed to the authority by the participating municipalities and counties may by resolution provide for the dissolution of the authority and for (1) the conveyance of the real and tangible personal property contributed to it to those participating municipalities and counties which contributed the same, (2) equitable distribution among the contributing municipalities and counties of any real and tangible personal property purchased or con

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In the event full and adequate provision is made for the payment of all of the debts of an authority, the participating municipalities or counties or any combination thereof which have contributed at least sixty percent of the total value of all moneys and property (the value of which property is determined as specified in section five of this article) contributed to the authority by the participating municipalities and counties may by resolution provide for the dissolution of the authority and for (1) the conveyance of the real and tangible personal property contributed to it to those participating municipalities and counties which contributed the same, (2) equitable distribution among the contributing municipalities and counties of any real and tangible personal property purchased or condemned by the authority or of the proceeds of sale thereof, or the fair value thereof, and (3) the equitable distribution of all moneys on hand to the participating municipalities and counties in direct proportion to the contribution of moneys by them.

West Virginia § 8-27-26 (Dissolution of authority; disposition of assets after payment of debts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.