                                 CODE OF VIRGINIA

LIABILITIES AND ASSETS OF SUCH CITY (§ 15.2-4114)

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

HISTORY: 1988, c. 881, § 15.1-965.23; 1997, c. 587.