Virginia Code 33.2-2812: Dissolution of the Authority
Whenever the Authority Board by resolution determines that the purposes for which the Authority was formed have been substantially complied with and all bonds issued and all obligations incurred by the Authority have been fully paid or adequate provisions have been made for the payment, the Authority Board shall execute and file for record with the participating localities, agencies, institutions, and facilities a resolution declaring such facts and providing for the disposition of the Authority assets, consistent with applicable state and federal law. If the participating localities, agencies, institutions, and facilities are of the opinion that the facts stated in the Authority’s resolution are true and the Authority should be dissolved, they shall so resolve and the Authority shall stand dissolved as of the date on which the last participating locality, agency, institution, or facility adopts such resolution.
Terms Used In Virginia Code 33.2-2812
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Commonwealth Transportation Board. See Virginia Code 33.2-100
- Locality: has the meaning assigned to it in § 1-221. See Virginia Code 33.2-100
- State: includes District of Columbia;
(f) "Transit facilities" means all real and personal property located in the Zone, necessary or useful in rendering transit service between points within the Zone, by means of rail, bus, water or air and any other mode of travel, including, without limitation, tracks, rights-of-way, bridges, tunnels, subways, rolling stock for rail, motor vehicle, marine and air transportation, stations, terminals and ports, areas for parking and all equipment, fixtures, buildings and structures and services incidental to or required in connection with the performance of transit service;
(g) "Transit services" means the transportation of persons and their packages and baggage by means of transit facilities between points within the Zone including the transportation of newspapers, express and mail between such points, and charter service which originates within the Zone but does not include taxicab service or individual-ticket-sales sightseeing operations;
(h) "Transit Zone" or "Zone" means the Washington Metropolitan Area Transit Zone created and described in Section 3 as well as any additional area that may be added pursuant to Section 83(a) of this Compact; and
(i) "WMATC" means Washington Metropolitan Area Transit Commission. See Virginia Code 33.2-3100