Virginia Code 15.2-3709: Special debt district
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If so provided in the agreement required by § 15.2-3701, the territory constituting the former town may be a special debt district for the purpose of repaying all or part of the existing indebtedness chargeable to the town before annulment. A special tax on real property within the special debt district shall be levied for a period not exceeding twenty years. The special tax may be different from and in addition to the general tax rate throughout the entire county or counties in which the town was located.
Terms Used In Virginia Code 15.2-3709
- County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
1992, c. 453, § 15.1-965.38; 1997, c. 587.