15.2-3701 - Agreement required.
§ 15.2-3701. Agreement required.
Before initiating proceedings pursuant to this chapter, a town council shallenter into an agreement with the board of supervisors of the county orcounties within which the town is located. The agreement shall provide forthe transfer to the county or counties of all of the revenues the townreceives, the services it performs, its facilities, including real andpersonal property, and other assets, including all debts due to the town, andfor the assumption by the county or counties of all of the town'sindebtedness, bonded and otherwise.
The agreement required by this section may be an agreement between thegoverning body of the town and the governing bodies of two or more countiesor cities, in one or more of which the town is located, which are parties toa consolidation agreement under Chapter 35 (§ 15.2-3500 et seq.) of thistitle and may provide that the agreement shall be binding on the consolidatedjurisdiction upon the effective date of consolidation.
(1992, c. 453, § 15.1-965.29; 1997, c. 587.)