15.2-4114 - Liabilities and assets of such city. - Virginia Statutes

§ 15.2-4114. Liabilities and assets of such city.

Unless otherwise provided by agreement of the governing bodies of the cityand county, or by order of the special court pursuant to § 15.2-4106, a towncreated under this chapter shall remain liable for all of the bondedindebtedness, current debts, obligations, and liabilities if incurred as acity. Unless otherwise provided by agreement of the governing bodies of thecity and county, or by order of the court pursuant to § 15.2-4106, the titleto all of the real and personal property of the former city and all of itsrights and privileges under any contract, and all of its books, records,papers and other things of value, shall vest in and become the property ofthe town.

(1988, c. 881, § 15.1-965.23; 1997, c. 587.)