15.2-2628 - Notes in anticipation of bond issue. - Virginia Statutes

§ 15.2-2628. Notes in anticipation of bond issue.

In anticipation of the issuance of bonds under the provisions of this chapterand of the receipt of the proceeds from the sale of bonds, any locality mayborrow money and issue its notes for any purpose for which bonds of thelocality have been authorized in a principal amount not to exceed theprincipal amount of the authorized bonds. The notes shall mature and be paidwithin five years of the date of their original issuance. Any notes may beextended or refinanced from time to time, provided that no extension orrefinancing matures later than five years from the date of the originalissuance of the notes.

The locality may, in its discretion, retire any notes by means of currentrevenues, special assessments, or other funds, in lieu of retiring them bythe issuance of bonds, provided that the maximum amount of bonds that hasbeen authorized must be reduced by the amount of the notes retired in suchmanner.

(Code 1950, § 15-666.64; 1958, c. 640; 1962, cc. 220, 623, § 15.1-223; 1966,c. 161; 1970, c. 144; 1991, c. 668, § 15.1-227.29; 1997, c. 587.)