A RESOLUTION TO OPT OUT OF TENANCY IN COMMON FOR SCHOOL BOARD PROPERTY, PURSUANT TO CODE SECTION 15.2-1800.1 OF THE CODE OF VIRGINIA
WHEREAS, Section 15.2-1800.1 of the Code of Virginia provides that whenever a locality has incurred a financial obligation, payable over more than one fiscal year, to fund the acquisition, construction or improvement of public school property, the local governing body of the locality shall be deemed to have acquired title to such school property, as a tenant in common with the local school board, for the term of such financial obligations; and
WHEREAS, such tenancy in common shall arise by operation of law when such financial obligation is incurred by the local governing body and shall terminate by operation of law when such financial obligation has been paid in full; and
WHEREAS, Section 15.2-1800.1 of the Code of Virginia also allows any local governing body to elect not to acquire tenancy in common for some or all of the local school board property in its locality by adopting a Resolution declining such tenancy in common for current and future financial obligations
WHEREAS, neither the creation nor termination of this tenancy in common shall require the execution or recordation of any deed of conveyance by either the local school board or the governing body; and
WHEREAS, this resolution neither alters the authority or responsibility of the Fauquier County School Board to control and regulate the use of the property during the existence of such tenancy in common, nor confers to the Fauquier County Board of Supervisors any additional powers over decisions relative to Fauquier County School Board property; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 8th day of June 2006, That the Fauquier County Board of Supervisors does hereby elect not to acquire title as tenant in common with the Fauquier County School Board for any and all Fauquier County School Board property for which the County has incurred, or shall incur, a financial obligation, payable over more than one fiscal year.