15.2-2634 - Limitation on amount of outstanding bonds. - Virginia Statutes

§ 15.2-2634. Limitation on amount of outstanding bonds.

Subject to §§ 15.2-2601 and 15.2-2635, no municipality may issue any bonds orother interest-bearing indebtedness which, including existing indebtedness,at any time exceeds ten percent of the assessed valuation of the real estatein the municipality subject to taxation, as shown by the last precedingassessment for taxes.

(Code 1950, § 15-666.19; 1958, c. 640; 1962, c. 623, § 15.1-176; 1971, Ex.Sess., c. 224; 1985, c. 56; 1991, c. 668, § 15.1-227.35; 1997, c. 587.)