15.2-2642 - School district bonds. - Virginia Statutes

§ 15.2-2642. School district bonds.

The governing body of any county, acting for and on behalf of any schooldistrict in the county, or acting for and on behalf of two or more schooldistricts jointly, may provide for the issuance of general obligation bondsof the school district or districts for school purposes. Where voter approvalis required by the Constitution of Virginia or the provisions of thischapter, the bonds shall not be issued unless a majority of the voters of thedistrict voting in the election held pursuant to §§ 15.2-2610 and 15.2-2611on the question in the district, or in each of the districts separately,approve the contracting of the debt and the issuing of the bonds. The bondsof two or more school districts shall be issued as joint obligations of suchschool districts. Any school district, or any school districts jointly, shallconstitute a locality. For the purpose of this section, each magisterialdistrict in each county shall constitute a school district, but any suchschool district shall not include a town constituting a separate schooldistrict. In any county where an incorporated town constitutes both a schooldistrict and an entire magisterial district, the remaining magisterialdistricts shall, upon the adoption of resolutions by the governing body andthe school board, constitute a single school district which may thereafterissue general obligation bonds for school purposes after approval by amajority of all the voters of the district voting in an election on thequestion. The issuance of the bonds shall be governed by the provisions ofthis chapter.

(Code 1950, § 15-666.32:1; 1958, c. 640; 1962, cc. 76, 623, § 15.1-190; 1964,c. 133; 1968, c. 611; 1971, Ex. Sess., c. 224; 1991, c. 668, § 15.1-227.43;1997, c. 587.)