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Code · Virginia · Title 10.1 · Chapter 6

Code of Virginia § 10.1-647. Disposition of facilities financed under article when part of debt remains outstanding.

127 words·~1 min read·/va/title-10-1/chapter-6/10-1-647·

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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.
1970, c. 591, § 21-11.12; 1988, c. 891.
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