SB796: Virginia Recreational Facilities Authority; authority to dissolve, disposition of property.

Legislative Summary

Virginia Recreational Facilities Authority; authority to dissolve. Provides that the board of directors of the Virginia Recreational Facilities Authority may by resolution divest itself of property owned by the Authority and may transfer all such property to a locality. The bill provides that whenever the board of the Authority determines by resolution that the purposes for which the Authority was formed have been substantially complied with and all property of the Authority has been transferred and all bonds therefor issued and all obligations 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. The bill also provides that if the Authority ceases to operate or is dissolved, the title to its real property will transfer to the locality in which the majority of such property is located. Under current law, the property would transfer to the Commonwealth. This bill is identical to HB 2321.