15.2-2627 - Time for contesting validity of proposed bond issue; when bonds presumed valid. - Virginia Statutes

§ 15.2-2627. Time for contesting validity of proposed bond issue; when bondspresumed valid.

For a period of thirty days after the date of the filing with the circuitcourt having jurisdiction over the locality of a certified copy of theinitial ordinance or resolution of the governing body of the localityauthorizing the issuance of bonds, any person in interest has the right tocontest the validity of the bonds, the taxes to be levied for the payment ofthe bonds, the rates, rents, fees and other charges for the services andfacilities furnished by, for the use of, or in connection with, anyrevenue-producing undertaking, the pledge of the revenues of anyrevenue-producing undertaking, any provisions which may be recited in anyordinance, resolution, trust agreement, indenture or other instrumentauthorizing the issuance of bonds, or any matter contained in, provided foror done or to be done pursuant to the foregoing. If such contest is not begunwithin the thirty-day period, the authority to issue the bonds, the validityof the taxes or the pledge of revenues necessary to pay the bonds, thevalidity of any other provision contained in the ordinance, resolution, trustagreement, indenture or other instrument, and all proceedings in connectionwith the authorization and the issuance of the bonds shall be conclusivelypresumed to have been legally taken and no court shall have authority toinquire into such matters and no such contest shall thereafter be instituted.

Upon the delivery of any bonds reciting that they are issued pursuant to thischapter and an election held or ordinance or resolution adopted under thischapter, the bonds shall be conclusively presumed to be fully authorized byall the laws of the Commonwealth and to have been sold, executed anddelivered by the locality in conformity with such laws, and the validity ofthe bonds shall not be questioned by a party plaintiff, a party defendant,the locality, any taxpayer of the locality, or any other interested party inany court, anything in this chapter or in any other statutes to the contrarynotwithstanding.

(Code 1950, § 15-666.53; 1958, c. 640; 1962, c. 623, § 15.1-212; 1991, c.668, § 15.1-227.28; 1997, c. 587.)