15.2-3709 - Special debt district. - Virginia Statutes

§ 15.2-3709. Special debt district.

If so provided in the agreement required by § 15.2-3701, the territoryconstituting the former town may be a special debt district for the purposeof repaying all or part of the existing indebtedness chargeable to the townbefore annulment. A special tax on real property within the special debtdistrict shall be levied for a period not exceeding twenty years. The specialtax may be different from and in addition to the general tax rate throughoutthe entire county or counties in which the town was located.

(1992, c. 453, § 15.1-965.38; 1997, c. 587.)