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

Virginia Statutes

§ 10.1-647 — Disposition of facilities financed under article when part of debt remains outstanding

Virginia § 10.1-647

JurisdictionVirginia

Title 10.1CONSERVATION

Subtitle IACTIVITIES ADMINISTERED BY THE DEPARTMENT OF CONSERVATION AND RECREATION

Ch. 6FLOOD PROTECTION AND DAM SAFETY

Art. 4CONSERVATION, SMALL WATERSHEDS FLOOD CONTROL AND AREA DEVELOPMENT FUND

This text of Virginia § 10.1-647 (Disposition of facilities financed under article when part of debt remains outstanding) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 10.1-647 (2026).

Text

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.

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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.