15.2-2606 - Public hearing before issuance of bonds. - Virginia Statutes

§ 15.2-2606. Public hearing before issuance of bonds.

A. Notwithstanding any contrary provision of law, general or special, butsubject to subsection B of this section, before the final authorization ofthe issuance of any bonds by a locality, the governing body of the localityshall hold a public hearing on the proposed bond issue. Notice of the hearingshall be published once a week for two successive weeks in a newspaperpublished or having general circulation in the locality. The notice shallstate the general purpose or purposes and the estimated maximum amount of thebonds proposed to be issued and shall specify the time and place of thehearing at which persons may appear and present their views. The hearingshall not be held less than six nor more than twenty-one days after the datethe second notice appears in the newspaper.

B. No notice or public hearing shall be required for (i) bonds which havebeen approved by a majority of the voters of the issuing locality voting onthe issuance of such bonds or (ii) obligations issued pursuant to §§15.2-2629, 15.2-2630 or § 15.2-2643.

(1987, c. 402, § 15.1-171.1; 1990, c. 175; 1991, c. 668, § 15.1-227.8; 1994,c. 714; 1997, c. 587.)