21-416 - Collection of assessments on retired bonds. - Virginia Statutes

§ 21-416. Collection of assessments on retired bonds.

All uncollected assessments levied for payment of principal of and intereston bonds of such project refunded and retired by the issuance of refundingbonds hereunder may be continued in force, and the proceeds of the collectionthereof pledged and applied to the payment of principal of and interest onthe refunding bonds issued in lieu of such original bonds, and if theoutstanding bonds are retired at less than their par value in such manner asto reduce the bonded indebtedness of the project the assessments theretoforelevied for the payment of such indebtedness may in the discretion of theboard of viewers be proportionately reduced.

(1934, p. 4; Michie Code 1942, § 1777a; 1954, c. 642.)