                                 CODE OF VIRGINIA

TRANSFER OF PROPERTIES AND DEBT (§ 15.2-7210)

All of the properties, infrastructure, and other assets used by Bristol Virginia
Utilities for any of its utility services or otherwise, whether held in its name
or in the name of the City of Bristol, Virginia, are hereby transferred to the
Authority and declared to be held by the Authority as its property. The portion
of the City&#8217;s debt that was incurred for the benefit of Bristol Virginia
Utilities is hereby declared to be the debt of the Authority. That debt will be
the sole responsibility of the Authority. The Authority will either assume that
debt or issue new bonded indebtedness to pay it off as soon as practical and in
accordance with all bond covenants in the BVU bonds on the City&#8217;s
financial statements.

HISTORY: 2010, cc. 117, 210.