15.2-2629 - Loans to meet appropriations for current year. - Virginia Statutes

§ 15.2-2629. Loans to meet appropriations for current year.

Any locality may borrow money and issue its notes in anticipation of thecollection of the taxes and revenues of the locality for the current year,but the principal amount of the notes may not exceed the anticipated revenuesfor such year. Such notes shall mature and be paid within one year from thedate they are issued. No extension of such notes shall be valid and noadditional notes shall be issued under this section until all notes issuedduring preceding years have been paid.

(1991, c. 668, § 15.1-227.30; 1997, c. 587.)