33.1-332 - Election to determine redemption. - Virginia Statutes

§ 33.1-332. Election to determine redemption.

Whenever the holders of the majority amount of any issue of bonds made by anyroad district in the Commonwealth, together with twenty-five freeholders ofthe district, shall petition the circuit court of the county in which suchdistrict is located for an election to ascertain whether the people of suchdistrict desire that such bonds shall be redeemed before maturity at theirface value with accrued interest, if any, and whether they will authorize theboard of supervisors or other governing body of such county to provide aspecial levy to provide a fund to be used for that purpose along with otherfunds accumulated to the credit of such district for road purposes, the courtshall order an election to be held in the same manner as elections are heldwhen ordered upon the question of the issuance of county or district bondsand there shall be printed on the ballot used at such election the words"for redemption of bonds" and "against redemption of bonds" and voters atsuch election shall express their preference by erasing the words which donot express such preference.

(Code 1950, § 33-267; 1970, c. 322.)