21-426 - Appropriation of county funds. - Virginia Statutes

§ 21-426. Appropriation of county funds.

The governing body of any county in which is located in whole or in part anylegally established drainage project may, in its discretion, appropriate andpay out of the funds of such county accruing from the general county levy, tosuch drainage project, such sum of money as it may deem proper, forapplication on the bonded or other indebtedness or for any other legitimatepurpose of such drainage project. The board of viewers of any such drainageproject in such county may accept and receive any and all moneys soappropriated and use the same, in their discretion, for any of the purposeshereinabove mentioned.

In lieu of such appropriation, the governing body of any such county mayappropriate and pay out of the funds of such county accruing from the generalcounty levy to the holders of any bonds, notes or other obligations of anylegally established drainage project located in whole or in part in suchcounty, such sum of money as the governing body may deem proper for theacquisition and purchase for and on behalf of the county, of all or any ofsuch bonds, notes and other obligations; and the governing body of any suchcounty may also invest moneys, or any part thereof, credited to any sinkingfund of the county or of any project thereof, in, and with such moneys topurchase for any such sinking fund, bonds, notes and other obligations of anysuch legally established drainage project located in whole or in part in suchcounty, provided no such moneys shall be invested in any such bonds, notes orother obligations issued prior to January 1, 1928. The governing body of anysuch county may, in consideration of additional levies or assessmentsheretofore or hereafter made against the real estate located in such drainageproject, release any or all of such real estate from the lien or liens of anyor all drainage taxes heretofore or hereafter assessed against such realestate, provided that the drainage bonds of such project or projects areowned and held solely by any such county.

(1938, p. 795; 1940, p. 625; 1942, p. 697; Michie Code 1942, § 2734b; 1954,c. 642.)