15.2-2622 - Destruction of bonds and coupons after payment in full. - Virginia Statutes

§ 15.2-2622. Destruction of bonds and coupons after payment in full.

A. Whenever the fiscal agent for any locality pays in full any bondsrepresenting an obligation of the locality, the fiscal agent may, byagreement with the locality, destroy the bond and certify the facts of thepayment and destruction to the treasurer or director of finance, as the casemay be, of the locality.

B. The certification required by this section shall set forth the issue,series, number and maturity date of each bond, together with any additionalfacts as are necessary to specifically identify each bond paid and destroyed.However, the treasurer or director of finance may waive the requirement thatthe number of each interest coupon be supplied.

C. Every certification shall be in such form as is prescribed by the Auditorof Public Accounts and shall be acknowledged in the manner prescribed by lawfor the acknowledgment of deeds.

D. Whenever any certification, appearing on its face to have been executedand acknowledged as prescribed by this section, has been delivered to thetreasurer or director of finance of any locality by the fiscal agent, thetreasurer or director of finance shall, in the absence of actual knowledge ofany misrepresentation or irregularity as to the certification, be relieved ofall further liability for all the bonds represented in the certificate tohave been paid and destroyed. For accounting purposes, every suchcertification which appears on its face to have complied with therequirements of this section shall constitute sufficient evidence of thefacts set forth in it.

(Code 1950, § 15-666.27:1; 1962, c. 310, § 15.1-184.1; 1966, c. 574; 1983, c.30; 1991, c. 668, § 15.1-227.24; 1997, c. 587.)