CODE OF VIRGINIA

CERTAIN DEBTS THAT MAY BE CONTRACTED BY CITY ON TRANSITION FROM TOWN (§
15.2-2632)

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.

HISTORY: Code 1950, § 15-666.18:1; 1962, c. 558, § 15.1-175.1; 1991, c. 668,
§ 15.1-227.33; 1997, c. 587.