15.2-3829 - Assumption of debt; adjustment. - Virginia Statutes

§ 15.2-3829. Assumption of debt; adjustment.

If a town becomes a city under this chapter, the city shall assume andprovide for the reimbursement of the county of a just and reasonableproportion of any county debt existing at the date the town becomes a city,including any debt existing on any school district of which the town was apart.

The city council and the board of supervisors shall make an equitableadjustment of such debts. In making such adjustment the parties shallconsider (i) the city's just proportion of money collected by the countytreasurer under § 15.2-3828 and of any unexpended balance in the countytreasury belonging to any fund to which the territory embraced in the cityhas contributed and (ii) all other equitable claims of the city, county anddistrict. If the parties fail to make such adjustment, either party mayproceed against the other by a bill in equity in the circuit court for thecounty in which the former town lies for a proper adjustment of such matter.

(Code 1950, §§ 15-102, 15-103; 1962, c. 623, §§ 15.1-1003, 15.1-1004; 1980,c. 559; 1997, c. 587.)