Water meter cut at the street?

[Cara Lonsdale]

Has anyone come across this?  I am evaluating a property and the water meter has been removed from the pipe at the street level.  Does the water company cut these when the previous owner is delinquent or something?  Do they come back and replace them when I establish new service?

I have never heard of this happening, so I am looking for some guidance on this, and possible expense for resolving it.

Thanks!