21-122 - Authority to issue bonds; limitation of amount. - Virginia Statutes

§ 21-122. Authority to issue bonds; limitation of amount.

The governing body of any county in which a sanitary district has been or mayhereafter be created by general or special law shall have power, subject tothe conditions and limitations of this article, to issue bonds of suchsanitary district to an amount in the aggregate of not exceeding eighteen percentum of the assessed value of all real estate in the district subject tolocal taxation, for the purpose of raising the necessary funds to carry intoeffect any or all of the purposes specified in Article 1 (§ 21-112.22 etseq.) of Chapter 2 of Title 21, provided, however, that such limitation ofeighteen per centum shall not apply if the petition required by § 21-123states the maximum amount of bonds to be issued, and if such bonds are to beissued for a specific undertaking from which the sanitary district may deriverevenue, but from and after a period to be determined by the governing bodyof the county, not exceeding five years from the date of the electionauthorized in § 21-123, whenever and for so long as such undertaking fails toproduce sufficient revenue to pay the cost of operation and administration(including interest on bonds issued therefor), and the cost of insuranceagainst loss by injury to persons or property, and an annual amount to becovered into a sinking fund sufficient to pay, at or before maturity, allbonds issued on account of such undertaking, all such bonds outstanding shallbe included in determining such limitation.

(1946, p. 180; Michie Suppl. 1946, § 1560z1; 1964, c. 165.)