§ 33.1-330. Payment; refunding issue
If a majority of the voters at the election vote in favor of the assumption of such indebtedness, the board of county supervisors may appropriate any part or all of the surplus in the general funds of the county, not otherwise appropriated, toward payment of the indebtedness assumed; and the board may likewise issue new bonds of the county at the same or a lower rate of interest for such amount as may then be necessary to retire outstanding bonds of the districts, and thereafter the board of county supervisors shall provide for the imposition and collection annually of a tax in addition to all other taxes on property subject to local taxation and not exempt from the levy of taxes formerly levied for the payment of bonds refunded, sufficient in amount to pay the interest on such bonds and the principal thereof, as the same respectively become due, notwithstanding any tax rate limitations which would otherwise be applicable to the levy of such taxes. Such tax shall be levied and collected by the same officers, at the same time and in the same manner as general taxes of the county.
The sale of such bonds, deposit of proceeds, security for deposits, provisions for sinking funds and expenses of authorization and issuance shall be in accordance with the provisions of general law except that the taxes for the payment of such bonds, principal and interest, shall be uniformly levied throughout the county. The refunding bonds may be issued at any time within three years prior to the date of maturity, or the optional redemption date, of the bonds to be refunded, and the proceeds of the sale of such refunding bonds shall be invested in obligations of the United States of America maturing or redeemable at the option of the holder, not later than the date of maturity or the optional redemption date of the bonds to be refunded.
(Code 1950, § 33-265; 1970, c. 322.)
Sections: Previous 33.1-321 33.1-322 33.1-323 33.1-324 33.1-325 33.1-326 33.1-327 33.1-328 33.1-329 33.1-330 33.1-331 33.1-332 33.1-333 33.1-334 33.1-335 NextLast modified: April 3, 2009