CHAPTER 608
An Act to amend and reenact § 2 of Chapter XVIII of Chapter 431 of the Acts of Assembly of 1950, which provided a charter for the City of Hopewell, relating to the issuance of bonds.
[S 961]
Approved April 2, 2020
Be it enacted by the General Assembly of Virginia:
1. That § 2 of Chapter XVIII of Chapter 431 of the Acts of Assembly of 1950 is amended and reenacted as follows:
§ 2. Exemption.
The following bonds shall be exempted from the requirement to be approved by a referendum of voters:
(i) bonds (a) Bonds issued for improvements
to the construction, improvement, expansion, or replacement of
existing public buildings or facilities. The city may replace existing
buildings or facilities on an alternative site;
(ii) bonds (b) Bonds not exceeding $10 million,
as adjusted for inflation based upon increases in the annual All Items Consumer
Price Index for Urban Consumers, as published by the U.S. Bureau of Labor
Statistics, issued for economic development purposes as determined by the city
council;
(iii) revenue (c) Revenue bonds;
(iv) refunding (d) Refunding bonds; and
(v) tax (e) Tax and revenue anticipation
obligations that mature within one year from the date of their issue.
Such bonds so excepted exempted may be issued
upon an affirmative vote of a majority of all members of city council.