2.2-5000 - Governmental instrumentalities authorized to issue bonds, etc., at rates of interest in excess of legal limits; sale of such bonds. - Virginia Statutes

§ 2.2-5000. Governmental instrumentalities authorized to issue bonds, etc.,at rates of interest in excess of legal limits; sale of such bonds.

A. Notwithstanding any limitation contained in any general or special law orin any charter of any city or town of the Commonwealth, a governmentalinstrumentality, which under law has the power to issue bonds, notes or otherobligations (herein collectively called "bonds") to provide funds to carryout its public purposes, may issue such bonds at such rates of interest inexcess of the rates now permitted by law as may be determined by thegoverning body empowered under law to authorize the issuance of bonds of suchgovernmental instrumentality and to sell the bonds for a price it determinesto be for the best interests of the Commonwealth and of such governmentalinstrumentality.

B. For the purposes of this chapter, "governmental instrumentality" meanseach department, institution, commission, public corporate instrumentality oragency of the Commonwealth and every political subdivision of theCommonwealth including, but not limited to, each public authority anddistrict and each county, city or town or instrumentality thereof.

(1970, c. 1, § 2.1-326.1; 1990, c. 712; 2001, c. 844.)