§ 5.5-61. Dissolution of authority.

Any member locality of the authority may withdraw from the authority only (i) upon dissolution of the authority as set forth herein, or (ii) with majority approval of all other member localities of the authority, upon a resolution adopted by the governing body of such member locality and after satisfaction of such member locality's legal obligation, including repayment of its portion of any debt increased with refund to the authority, or after making contractual provisions for the repayment of its portion of any debt incurred with refund to the authority, as well as pledging to pay any general dues for operation of the authority for the current and preceding fiscal year following the effective date of withdrawal.

No member locality seeking withdrawal shall retain, without the consent of a majority of the remaining member localities, any rights to contributions made by such member locality, to any property held by the authority or to any revenue sharing as allowed by the act.

Upon withdrawal, the withdrawing member locality shall also return to the authority any dues or other contributions refunded to such member locality during its membership in the authority.

Whenever the board determines that the purpose for which the authority was created has been substantially fulfilled or is impractical or impossible to accomplish and that all obligations incurred by the authority have been paid or that cash or sufficient amount of approved securities has been deposited for their repayment, or provisions satisfactory for the timely payment of all its outstanding obligations have been arranged, the board may adopt resolutions declaring and finding that the authority shall be dissolved.

Appropriate attested copies of such resolutions shall be delivered to the Governor so that legislation dissolving the authority may be introduced in the general assembly. The dissolution of the authority shall become effective according to the terms of such legislation. The title to all funds and other property owned by the authority at the time of such dissolution shall vest in the member localities which have contributed to the authority in proportion to their respective contributions.

(Res. No. 1-10-2013, Art. XI, 10-2-13; Res. No. 13-11-2013, Art. XI, 11-19-13)

(Res. No. 1-10-2013, Art. XI, 10-2-13; Res. No. 13-11-2013, Art. XI, 11-19-13)