Virginia Recreational Facilities Authority; dissolution of Authority, conveyance of property.

Virginia Recreational Facilities Authority; dissolution; conveyance of property. Provides that the board of the Virginia Recreational Facilities Authority may by resolution divest itself of property owned by the authority and may convey all such property to a locality. The measure 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 conveyed 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 measure also provides that if the authority ceases to operate or is dissolved, the title to its real property shall transfer to the locality in which the majority of such property is located.