§ 15.2-2632. Certain debts that may be contracted by city on transition from town
Any city may, within one year from the date of its transition from a town to a city pursuant to the provisions of Chapter 38 (§ 15.2-3800 et seq.) of this title, contract debts, borrow money, and authorize the issuance of its bonds in the principal amount of its proportionate share of all state, county, and district levies on property within the territory occupied by the city actually collected by the county treasurer pursuant to § 15.2-3828 in the year in which the transition takes place, and which does or would constitute credit against the amount of the assumption of county indebtedness by the city pursuant to § 15.2-3829.
(Code 1950, § 15-666.18:1; 1962, c. 558, § 15.1-175.1; 1991, c. 668, § 15.1-227.33; 1997, c. 587.)
Sections: Previous 15.2-2625 15.2-2626 15.2-2627 15.2-2628 15.2-2629 15.2-2630 15.2-2631 15.2-2632 15.2-2633 15.2-2634 15.2-2635 15.2-2636 15.2-2637 15.2-2638 15.2-2639 NextLast modified: April 16, 2009