15.2-1650 - When and how council to issue bonds; payment of interest; sinking fund. - Virginia Statutes

§ 15.2-1650. When and how council to issue bonds; payment of interest;sinking fund.

If a majority of the voters in the town taking part in such election vote infavor of the bond issue, the council of the town may issue its bonds to theamount set out in the petition, either coupon or registered, signed by itsmayor, and attested by the town clerk, and deliver the same to the clerk ofthe county as satisfactory security for the obligations imposed by thissection. The council of the town may make annual appropriations out of therevenues of the town to pay the interest on the bonds and to provide asinking fund for the redemption of the bonds by special levy or otherwise.

(Code 1950, § 15-49; 1962, c. 623, § 15.1-565; 1997, c. 587.)