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'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's financial statements.
2010, cc. 117, 210.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 72 - BVU Authority Act
§ 15.2-7201. Creation; public purpose
§ 15.2-7203. BVU Authority; operating name or names
§ 15.2-7205. Board of Directors; membership
§ 15.2-7206. Organization; compensation
§ 15.2-7209. Authority deemed to be an MLEC
§ 15.2-7210. Transfer of properties and debt
§ 15.2-7213. Deposit and investment of funds
§ 15.2-7214. Authority to issue bonds
§ 15.2-7215. Credit of Commonwealth and political subdivisions not pledged
§ 15.2-7216. Directors and persons executing bonds not liable thereon
§ 15.2-7217. Security for payment of bonds; default
§ 15.2-7218. Bonds as legal investments
§ 15.2-7219. Contracts concerning interest rates and investments
§ 15.2-7221. Sovereign immunity
§ 15.2-7222. Appropriation by political subdivision
§ 15.2-7223. Contracts with political subdivisions
§ 15.2-7224. Application of local ordinances, service charges, and taxes upon leaseholds
§ 15.2-7225. Existing contracts, leases, franchises, etc., not impaired