§ 10.1-647. Disposition of facilities financed under article when part of debt remains outstanding
No facility financed from the revolving fund under the provisions of this article, in whole or in part, shall be sold by an entity when any portion of the debt owed to the revolving fund remains unpaid. However, if the purchaser is an entity having the taxing power, then such sale may be made even though all or a portion of the debt to the revolving fund remains unpaid, if the purchasing entity agrees to assume the obligation to repay the outstanding debt and all interest thereon. If such sale is approved by the Board, then the purchasing entity shall be solely liable for the obligations undertaken by the principal debtor, and the principal debtor shall be released therefrom.
(1970, c. 591, § 21-11.12; 1988, c. 891.)
Sections: Previous 10.1-640 10.1-641 10.1-642 10.1-643 10.1-644 10.1-645 10.1-646 10.1-647 10.1-648 10.1-649 10.1-650 10.1-651 10.1-652 10.1-653 10.1-654 NextLast modified: April 2, 2009