Code of Virginia - Title 15.2 Counties, Cities And Towns - Chapter 26 Public Finance Act

15.2-2600 Short title
This chapter shall be known and may be cited as the "Public Finance Act of 1991." (Code 1950, § 15-666.13; 1958, c. 640; 1962, c. ...

15.2-2601 Chapter not to affect general, special and local acts and charters under which bonds are issued or ...
Unless expressly stated to the contrary nothing in this chapter repeals, amends, impairs or in any way affects (i) any act under the provisions of ...

15.2-2602 Definitions
As used in this chapter, the following words and terms have the following meanings, unless some other meaning is plainly intended: "Bonds" mean any obligations ...

15.2-2603 Disposition of unclaimed funds due on matured bonds or coupons
Any locality having bonds outstanding on which principal, premium or interest has matured for a period of more than five years may pay any money ...

15.2-2604 Powers generally
Subject to the provisions of Articles 3 (§ 15.2-2632 et seq.) and 4 (§ 15.2-2638 et seq.) of this chapter, any locality may: 1. Acquire, ...

15.2-2605 Collection of rents and charges; liens on real estate; discharge and enforcement of liens
The rates, rents, fees or charges when made for the use of any revenue-producing undertaking may be collected by distress, levy, garnishment, attachment or as ...

15.2-2606 Public hearing before issuance of bonds
A. Notwithstanding any contrary provision of law, general or special, but subject to subsection B of this section, before the final authorization of the issuance ...

15.2-2607 Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with cour...
The governing body of any locality, subject to the approval of a majority of the qualified voters of the locality voting on the issuance of ...

15.2-2608 Bonds for revenue-producing undertakings
The governing body of any locality may, in accordance with the provisions of Article VII, Section 10 of the Constitution of Virginia, issue bonds for ...

15.2-2609 Covenants relating to issuance of revenue bonds
The governing body of any locality proposing to issue bonds for any revenue-producing undertaking may covenant in the ordinance, resolution, trust agreement, indenture or other ...

15.2-2610 Request for referendum filed with court; order for election; notice
If voter approval of any bond issue by a locality is required by the Constitution of Virginia or this chapter or any charter provision, a ...

15.2-2611 Holding of election; order authorizing bonds; authority of governing body
The regular election officers of the locality at the time designated in the order authorizing the vote shall open the polls at the various voting ...

15.2-2612 Dating; rate of interest; maturity; denomination; place of payment
The bonds of a locality may be dated, may mature at such time or times not exceeding forty years from their date or dates, may ...

15.2-2613 Form and manner of execution; signature of person ceasing to be officer
The governing body shall determine the form and the manner of execution of bonds. Any bonds issued under the provisions of this chapter, and any ...

15.2-2614 Bearer, registered or book entry form
The bonds may be issued in bearer, registered or book entry form, or any combination of such forms, as the governing body may determine. (Code ...

15.2-2615 Bonds deemed negotiable instruments
Notwithstanding any of the foregoing provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all bonds shall ...

15.2-2616 Interim receipts or temporary bonds exchangeable for definitive bonds
Before the preparation of definitive bonds, the governing body of a locality may, subject to the same provisions of this chapter as are applicable to ...

15.2-2617 Sale of bonds
Any locality may sell any bonds authorized under the provisions of this chapter in such manner, either at public or private sale, and for such ...

15.2-2618 Disposition of proceeds; separate fund
Unless otherwise specifically provided by the governing body of a locality or in the ordinance, resolution, trust agreement, indenture or other instrument authorizing the issuance ...

15.2-2619 Investment of proceeds pending application to authorized purpose
Pending the application of the proceeds of any bonds authorized under the provisions of this chapter to the purpose or purposes for which the bonds ...

15.2-2620 Bonds made legal investments
Bonds issued under this chapter are made securities in which public officers and bodies of the Commonwealth, counties, cities and towns and municipal subdivisions of ...

15.2-2621 Bonds mutilated, lost or destroyed
If any bond is mutilated, destroyed or lost, the governing body of the locality obligated to pay the bond may cause a new bond of ...

15.2-2622 Destruction of bonds and coupons after payment in full
A. Whenever the fiscal agent for any locality pays in full any bonds representing an obligation of the locality, the fiscal agent may, by agreement ...

15.2-2623 Defeasance of indebtedness; rights of owners
The governing body of any locality is authorized to provide by resolution or ordinance for the defeasance of any bonds of the locality now or ...

15.2-2624 Tax to pay principal and interest
Notwithstanding any other provision of law or any charter provision, the governing body is authorized and required to levy and collect annually, at the same ...

15.2-2625 Deposit of funds; security; investment of funds
Unless otherwise provided in the ordinance, resolution, trust agreement, indenture or other instrument authorizing the issuance of bonds, all money collected and required to be ...

15.2-2626 Contracts concerning interest rates, currency, cash flow or other basis
A. Any locality may enter into any contract which the governing body of the locality determines to be necessary or appropriate to place the obligation ...

15.2-2627 Time for contesting validity of proposed bond issue; when bonds presumed valid
For a period of thirty days after the date of the filing with the circuit court having jurisdiction over the locality of a certified copy ...

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, ...

15.2-2629 Loans to meet appropriations for current year
Any locality may borrow money and issue its notes in anticipation of the collection of the taxes and revenues of the locality for the current ...

15.2-2630 Loans in anticipation of federal and state funds
Any locality may borrow money and issue its notes in advance of grants and reimbursements due the locality from the federal or state government for ...

15.2-2631 Terms of temporary loans
The temporary loans authorized by §§ 15.2-2628, 15.2-2629, and 15.2-2630, shall be evidenced by bonds or notes issued under and governed by the provisions of ...

15.2-2632 Certain debts that may be contracted by city on transition from town
Any city may, within one year from the date of its transition from a town to a city pursuant to the provisions of Chapter 38 ...

15.2-2633 Borrowing by certain cities to pay expenses
Notwithstanding any provision of law to the contrary, any city may contract debts by borrowing money and authorizing the issuance of its bonds maturing more ...

15.2-2634 Limitation on amount of outstanding bonds
Subject to §§ 15.2-2601 and 15.2-2635, no municipality may issue any bonds or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten ...

15.2-2635 What indebtedness not included in determining limitation
In determining the limitation contained in § 15.2-2634, there shall not be included the classes of indebtedness described in clauses (1) through (4) of Article ...

15.2-2636 Ordinance or resolution to provide for issue of bonds
Except as otherwise provided in this section, whenever any municipality proposes to borrow money and issue its bonds under the provisions of Article VII, Section ...

15.2-2637 Danville to incur indebtedness only in accordance with charter
In the City of Danville no money shall be borrowed, no bonds issued and no indebtedness incurred under this chapter except in accordance with the ...

15.2-2638 Powers of counties generally; approval of voters required
A. Except as provided in subsection B of this section, no county has the power to contract any debt or to issue its bonds unless ...

15.2-2639 County may elect to be treated as city for issuing bonds
Any county may, upon approval by the affirmative vote of the voters of the county voting in an election on the question, elect to be ...

15.2-2640 Resolution for bond issue; contents; request for bonds for school purposes
Whenever the governing body of any county determines that it is advisable to contract a debt and issue general obligation bonds of the county, it ...

15.2-2641 Subsequent resolutions
If the question of contracting a debt, borrowing money and issuing bonds for the purpose or purposes set forth in the ordinance or resolution is ...

15.2-2642 School district bonds
The governing body of any county, acting for and on behalf of any school district in the county, or acting for and on behalf of ...

15.2-2643 Authority for issuance; resolutions or ordinances
The governing body of any locality is authorized to provide by resolution or ordinance for the issuance of bonds of the locality for the purpose ...

15.2-2644 Issuance or exchange for indebtedness to be retired; sale and disposition of proceeds; rights of ow...
Any refunding bonds may be issued or exchanged for the indebtedness to be retired by them, including indebtedness not matured, redeemable or surrendered for retirement. ...

15.2-2645 Amount of bonds
No refunding bonds shall be issued in a principal amount exceeding that necessary to amortize the principal of and premium, if any, and interest on ...

15.2-2646 Participation in funds donated by the Commonwealth
The issuance of refunding bonds for the retirement of bonds which are now or may hereafter be entitled to participate in funds donated by the ...

15.2-2647 Expenses of authorization and issuance; agent to assist in refunding transaction
The governing body may authorize the payment by any locality of all expenses reasonably incurred by it in connection with the authorization and issuance of ...

15.2-2648 Purchase in open market
Provision may be made in the proceedings authorizing refunding bonds for the purchase of the refunded bonds in the open market or pursuant to tenders ...

15.2-2649 District refunding bonds
The governing body of any county, acting for and in behalf of any road district, magisterial district, sanitary district, or school district in the county, ...

15.2-2650 Article controlling as to proceedings involving validity
The provisions of this article apply to all suits, actions and proceedings of whatever nature involving the validity of bonds of any locality or other ...

15.2-2651 Proceeding by political subdivision to establish validity; procedure; parties defendant
The governing body of any locality or other political subdivision, agency or instrumentality of the Commonwealth or of any locality proposing to issue bonds may ...

15.2-2652 Service by publication of motion for judgment; parties defendant
Upon the filing of the motion for judgment the court shall fix the time and place for hearing the proceeding and shall enter an order ...

15.2-2653 Contesting issuance of bonds; notice and hearing; service on member of governing body, et...
Any person, corporation, or association desiring to contest the issuance of any bonds pursuant to the provisions of this chapter, or any other law, general ...

15.2-2654 Reply by party defendant; intervention by interested parties; determination of questions; orders; p...
Any party defendant may reply to the motion for judgment within ten days after its second publication as required by §§ 15.2-2652 and 15.2-2653 but ...

15.2-2655 Consolidation of actions or proceedings
Upon motion of the plaintiff or the issuer, the court in which the first proceeding to invalidate or sustain the bonds was instituted may enjoin ...

15.2-2656 Appeals
An appeal from the final judgment of the circuit court in a bond validation proceeding may be taken to the Supreme Court of Virginia. No ...

15.2-2657 Decree validating bonds binding and conclusive
In the event the decree of the court validates the bonds and no appeal is taken within the time prescribed in § 15.2-2656, or if ...

15.2-2658 Bonds invalidated only for substantial defects, etc.; matters of form disregarded
No court in which a proceeding to invalidate or sustain bonds is brought shall invalidate the bonds unless it finds substantial defects, material errors, and ...

15.2-2659 Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; pa...
Whenever it appears to the Governor from an affidavit filed with him by or on behalf of the owner or owners of any general obligation ...

15.2-2660 Bonds not affected by project undertaken
The authorization and issuance of the bonds under this chapter shall not be dependent on or affected in any way by proceedings taken, contracts made, ...

15.2-2661 Provisions of chapter controlling; powers conferred are additional
Insofar as the provisions of this chapter are inconsistent with the provisions of any law, the provisions of this chapter shall be controlling. The powers ...

15.2-2662 Validation of bonds
All proceedings taken before July 1, 1991, for or with respect to the authorization, issuance, sale, execution or delivery of bonds by or on behalf ...

15.2-2663 Transition
If any proceedings with respect to the authorization, issuance, sale, execution or delivery of bonds have been commenced before July 1, 1991, the bonds may, ...