Code of Virginia

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Code of Virginia
Title 15.2. Counties, Cities and Towns
Chapter 16. Local Constitutional Officers, Courthouses and Supplies

§ 15.2-1650. When and how council to issue bonds; payment of interest; sinking fund.

If a majority of the voters in the town taking part in such election vote in favor of the bond issue, the council of the town may issue its bonds to the amount set out in the petition, either coupon or registered, signed by its mayor, and attested by the town clerk, and deliver the same to the clerk of the county as satisfactory security for the obligations imposed by this section. The council of the town may make annual appropriations out of the revenues of the town to pay the interest on the bonds and to provide a sinking fund for the redemption of the bonds by special levy or otherwise.

Code 1950, § 15-49; 1962, c. 623, § 15.1-565; 1997, c. 587.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.