15.2-2633 - Borrowing by certain cities to pay expenses. - Virginia Statutes

§ 15.2-2633. Borrowing by certain cities to pay expenses.

Notwithstanding any provision of law to the contrary, any city may contractdebts by borrowing money and authorizing the issuance of its bonds maturingmore than one year after their date to pay the expenses associated with itbecoming a city, including without limitation, payments to any county foreducational services pending the establishment of its school system, provided:

1. The debts shall not be created after five years from the date it became acity, and

2. The debts shall not at any time during the five-year period exceed onepercent of the assessed valuation of the real estate in the city subject totaxation, as shown by the last preceding assessment for taxes.

(1978, c. 524, § 15.1-175.2; 1991, c. 668, § 15.1-227.34; 1997, c. 587.)