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2000 SESSION

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SB 563 Southeastern Public Service Authority of Virginia.

Introduced by: Frederick M. Quayle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Southeastern Public Service Authority of Virginia. Provides that the Southeastern Public Service Authority of Virginia shall have perpetual existence until its dissolution pursuant to the provisions of the Virginia Water and Waste Authorities Act. Existing members of the Authority are allowed to withdraw at any time provided that all written obligations to the Authority incurred by a locality remain in full force and effect following the withdrawal. Currently, the applicable statutes provide that an authority created under the Virginia Water and Waste Authorities Act may exist for a period of 50 years and that a member locality may only withdraw from an authority upon the unanimous consent of the other members and, if the authority has outstanding bonds, the unanimous consent of the holders of the bonds. This bill is identical to HB 877.


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