§ 15.2-2628. Notes in anticipation of bond issue
In anticipation of the issuance of bonds under the provisions of this chapter and of the receipt of the proceeds from the sale of bonds, any locality may borrow money and issue its notes for any purpose for which bonds of the locality have been authorized in a principal amount not to exceed the principal amount of the authorized bonds. The notes shall mature and be paid within five years of the date of their original issuance. Any notes may be extended or refinanced from time to time, provided that no extension or refinancing matures later than five years from the date of the original issuance of the notes.
The locality may, in its discretion, retire any notes by means of current revenues, special assessments, or other funds, in lieu of retiring them by the issuance of bonds, provided that the maximum amount of bonds that has been authorized must be reduced by the amount of the notes retired in such manner.
(Code 1950, § 15-666.64; 1958, c. 640; 1962, cc. 220, 623, § 15.1-223; 1966, c. 161; 1970, c. 144; 1991, c. 668, § 15.1-227.29; 1997, c. 587.)
Sections: Previous 15.2-2621 15.2-2622 15.2-2623 15.2-2624 15.2-2625 15.2-2626 15.2-2627 15.2-2628 15.2-2629 15.2-2630 15.2-2631 15.2-2632 15.2-2633 15.2-2634 15.2-2635 NextLast modified: April 2, 2009