Virginia Code 10.1-647: Disposition of facilities financed under article when part of debt remains outstanding.
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No facility financed from the revolving fund under the provisions of this article, in whole or in part, shall be sold by an entity when any portion of the debt owed to the revolving fund remains unpaid. However, if the purchaser is an entity having the taxing power, then such sale may be made even though all or a portion of the debt to the revolving fund remains unpaid, if the purchasing entity agrees to assume the obligation to repay the outstanding debt and all interest thereon. If such sale is approved by the Board, then the purchasing entity shall be solely liable for the obligations undertaken by the principal debtor, and the principal debtor shall be released therefrom.
Terms Used In Virginia Code 10.1-647
- Board: means the Virginia Soil and Water Conservation Board. See Virginia Code 10.1-636
- Facility: means any structures, foundations, appurtenances, spillways, lands, easements and rights-of-way necessary to (i) store additional water for immediate or future use in feasible flood prevention sites; (ii) create the potential to store additional water by strengthening the foundations and appurtenances of structures in feasible flood prevention sites; or (iii) store water in sites not feasible for flood prevention programs, and to properly operate and maintain such stores of water or potential stores of water. See Virginia Code 10.1-636
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- revolving fund: means the Conservation, Small Watersheds Flood Control and Area Development Fund. See Virginia Code 10.1-636
1970, c. 591, § 21-11.12; 1988, c. 891.