15.2-2108.10 - Bonding authority. - Virginia Statutes

§ 15.2-2108.10. Bonding authority.

A. The governing body of a municipality may by resolution determine to issueone or more bonds to finance the capital costs for facilities necessary toprovide to subscribers a cable television service. Such resolution shall: (i)describe the purpose for which the indebtedness is to be created and (ii)specify the dollar amount of the one or more bonds proposed to be issued.

B. A bond issued under this section shall be secured and paid for solely fromthe revenues generated by the municipality from providing cable televisionservices with respect to bonds issued to finance facilities for themunicipality's cable television services. Notwithstanding the foregoing, amunicipality authorized under subsection E of § 56-265.4:4 to provide cabletelevision services shall not be subject to the requirement that it secure abond with solely the revenues generated by the municipality from providingcable television services, and such municipality shall repay the bondindebtedness in a fashion that reflects a reasonable pro rata allocation ofsuch indebtedness by enterprise fund or department.

C. A municipality shall pay that portion of the origination, financing, orother carrying costs associated with one or more bonds issued under thissection associated with cable television solely from the funds of the cabletelevision department.

(2003, c. 677.)