15.2-2632 - Certain debts that may be contracted by city on transition from town. - Virginia Statutes

§ 15.2-2632. Certain debts that may be contracted by city on transition fromtown.

Any city may, within one year from the date of its transition from a town toa city pursuant to the provisions of Chapter 38 (§ 15.2-3800 et seq.) of thistitle, contract debts, borrow money, and authorize the issuance of its bondsin the principal amount of its proportionate share of all state, county, anddistrict levies on property within the territory occupied by the cityactually collected by the county treasurer pursuant to § 15.2-3828 in theyear in which the transition takes place, and which does or would constitutecredit against the amount of the assumption of county indebtedness by thecity pursuant to § 15.2-3829.

(Code 1950, § 15-666.18:1; 1962, c. 558, § 15.1-175.1; 1991, c. 668, §15.1-227.33; 1997, c. 587.)