15.2-7210 - Transfer of properties and debt. - Virginia Statutes

§ 15.2-7210. Transfer of properties and debt.

All of the properties, infrastructure, and other assets used by BristolVirginia Utilities for any of its utility services or otherwise, whether heldin its name or in the name of the City of Bristol, Virginia, are herebytransferred to the Authority and declared to be held by the Authority as itsproperty. The portion of the City's debt that was incurred for the benefit ofBristol Virginia Utilities is hereby declared to be the debt of theAuthority. That debt will be the sole responsibility of the Authority. TheAuthority will either assume that debt or issue new bonded indebtedness topay it off as soon as practical and in accordance with all bond covenants inthe BVU bonds on the City's financial statements.

(2010, cc. 117, 210.)