{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2607.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2607.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2607.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2607.html"}],"law_id":60104,"edition_id":1,"section_id":60104,"structure_id":14965,"section_number":"15.2-2607","catch_line":"Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court","history":"Code 1950, \u00a7 15-666.40; 1958, c. 640; 1962, c. 623, \u00a7 15.1-199; 1973, c. 513; 1991, c. 668, \u00a7 15.1-227.9; 1994, c. 714; 1997, c. 587; 2018, c. 730.","full_text":"The governing body of any locality, subject to the approval of a majority of the qualified voters of the locality voting on the issuance of such bonds if required by the Constitution of Virginia or by this chapter, is authorized to provide by ordinance or resolution for the issuance, at one time or from time to time, of bonds of the locality for the purposes set forth in and subject to the provisions of this chapter.\n\t\tAny such ordinance or resolution may contain provisions which shall be a part of the contract with the owners of the bonds as to:\n\n1\n\nThe payment of the principal of and premium, if any, and the interest on bonds from (i) ad valorem taxes to be levied without limitation as to rate or amount on all property subject to taxation or (ii) county food and beverage taxes levied pursuant to Article 7.1 (§ 58.1-3833 et seq.) of Chapter 38 of Title 58.1 and the pledging of the full faith and credit of the locality to secure the payment of bonds;2\n\nThe pledge of specified revenues of the locality, other than taxes, ad valorem or otherwise, including, without limitation, the pledge of the revenues of any revenue-producing undertaking or undertakings, to the payment of the principal of and premium, if any, and interest on bonds;3\n\nThe granting of a mortgage or deed of trust lien on any specific revenue-producing undertaking or undertakings to secure the payment of the principal of and premium, if any, and interest on bonds issued to finance in whole or in part the costs of the undertaking or undertakings, but only if the full faith and credit of the locality is not pledged to the payment of the bonds;4\n\nThe securing of the payment of the principal of and premium, if any, and interest on bonds by an ordinance resolution, trust agreement, indenture or other instrument, which may (i) appoint any trust company or bank having the powers of a trust company within or outside the Commonwealth as corporate trustee, (ii) set forth the rights and remedies of the bondholders and of the trustee, (iii) restrict the individual right of action by bondholders, and (iv) contain any other provisions as the governing body of the locality deems reasonable and proper for the security of the bondholders;5\n\nThe payment of the principal of and premium, if any, and the interest on bonds from any one or more of the sources of funds provided for in this section or any combination of them and the pledging of any one or more of the sources of funds or any combination of them to secure the payment of the principal of and premium, if any and interest on bonds;6\n\nThe rates, rents, fees, charges, taxes and other revenues or receipts of any revenue-producing undertaking or undertakings and the amounts to be raised in each year by them, and the use and disposition of such rates, rents, fees, charges, taxes and other revenues and receipts of any undertaking or undertakings;7\n\nThe setting aside of reserves or sinking funds and the regulation and disposition of them;8\n\nLimitations on the right of the locality to restrict and regulate the use of any project;9\n\nLimitations on the purpose to which the proceeds of sale of any bonds may be applied;10\n\nLimitations on issuance of additional revenue bonds;11\n\nThe procedure, if any, by which the terms of any contract with bondholders may be amended or discharged, the amount of bonds the owners of which shall consent to the amendment or abrogation, and the manner in which the consent must be given;12\n\nConferring upon the bondholders or the trustee under any ordinance, resolution, trust agreement, indenture or other instrument remedies for enforcing the rights of the bondholders and requiring the governing body to carry out any agreement with the bondholders;13\n\nAny other matter required by any state or federal agency as a condition precedent to the obtaining of a direct grant or grants of money for or in aid of any project or to defray or partially to defray the cost of the labor and materials employed upon any project, or to obtain a loan or loans of money for or in aid of any project from any state or federal agency; and14\n\nAny provisions necessary to qualify the interest on the bonds for exclusion from gross income for federal income tax purposes and to maintain that exclusion.\n\t\t\tAny ordinance or resolution authorizing the issuance of bonds may be finally adopted at the meeting at which it is introduced, which may be a regular or special meeting, by a majority of the members of the governing body. A certified copy of each such ordinance or resolution shall be filed in the circuit court having jurisdiction over the locality. When any town is situated partly in two or more counties, the certified copy of the ordinance or resolution may be presented to the circuit court for any of the counties. Except as expressly required by this article, the ordinance or resolution need not be published, posted or advertised.","order_by":null,"text":{"0":{"id":219939,"text":"The governing body of any locality, subject to the approval of a majority of the qualified voters of the locality voting on the issuance of such bonds if required by the Constitution of Virginia or by this chapter, is authorized to provide by ordinance or resolution for the issuance, at one time or from time to time, of bonds of the locality for the purposes set forth in and subject to the provisions of this chapter.\n\t\tAny such ordinance or resolution may contain provisions which shall be a part of the contract with the owners of the bonds as to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":219940,"text":"The payment of the principal of and premium, if any, and the interest on bonds from (i) ad valorem taxes to be levied without limitation as to rate or amount on all property subject to taxation or (ii) county food and beverage taxes levied pursuant to Article 7.1 (§ 58.1-3833 et seq.) of Chapter 38 of Title 58.1 and the pledging of the full faith and credit of the locality to secure the payment of bonds;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":219941,"text":"The pledge of specified revenues of the locality, other than taxes, ad valorem or otherwise, including, without limitation, the pledge of the revenues of any revenue-producing undertaking or undertakings, to the payment of the principal of and premium, if any, and interest on bonds;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":219942,"text":"The granting of a mortgage or deed of trust lien on any specific revenue-producing undertaking or undertakings to secure the payment of the principal of and premium, if any, and interest on bonds issued to finance in whole or in part the costs of the undertaking or undertakings, but only if the full faith and credit of the locality is not pledged to the payment of the bonds;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":219943,"text":"The securing of the payment of the principal of and premium, if any, and interest on bonds by an ordinance resolution, trust agreement, indenture or other instrument, which may (i) appoint any trust company or bank having the powers of a trust company within or outside the Commonwealth as corporate trustee, (ii) set forth the rights and remedies of the bondholders and of the trustee, (iii) restrict the individual right of action by bondholders, and (iv) contain any other provisions as the governing body of the locality deems reasonable and proper for the security of the bondholders;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":219944,"text":"The payment of the principal of and premium, if any, and the interest on bonds from any one or more of the sources of funds provided for in this section or any combination of them and the pledging of any one or more of the sources of funds or any combination of them to secure the payment of the principal of and premium, if any and interest on bonds;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":219945,"text":"The rates, rents, fees, charges, taxes and other revenues or receipts of any revenue-producing undertaking or undertakings and the amounts to be raised in each year by them, and the use and disposition of such rates, rents, fees, charges, taxes and other revenues and receipts of any undertaking or undertakings;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":219946,"text":"The setting aside of reserves or sinking funds and the regulation and disposition of them;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":219947,"text":"Limitations on the right of the locality to restrict and regulate the use of any project;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":219948,"text":"Limitations on the purpose to which the proceeds of sale of any bonds may be applied;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":219949,"text":"Limitations on issuance of additional revenue bonds;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":219950,"text":"The procedure, if any, by which the terms of any contract with bondholders may be amended or discharged, the amount of bonds the owners of which shall consent to the amendment or abrogation, and the manner in which the consent must be given;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":219951,"text":"Conferring upon the bondholders or the trustee under any ordinance, resolution, trust agreement, indenture or other instrument remedies for enforcing the rights of the bondholders and requiring the governing body to carry out any agreement with the bondholders;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":219952,"text":"Any other matter required by any state or federal agency as a condition precedent to the obtaining of a direct grant or grants of money for or in aid of any project or to defray or partially to defray the cost of the labor and materials employed upon any project, or to obtain a loan or loans of money for or in aid of any project from any state or federal agency; and","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":219953,"text":"Any provisions necessary to qualify the interest on the bonds for exclusion from gross income for federal income tax purposes and to maintain that exclusion.\n\t\t\tAny ordinance or resolution authorizing the issuance of bonds may be finally adopted at the meeting at which it is introduced, which may be a regular or special meeting, by a majority of the members of the governing body. A certified copy of each such ordinance or resolution shall be filed in the circuit court having jurisdiction over the locality. When any town is situated partly in two or more counties, the certified copy of the ordinance or resolution may be presented to the circuit court for any of the counties. Except as expressly required by this article, the ordinance or resolution need not be published, posted or advertised.","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13"}},"ancestry":[{"id":14965,"edition_id":1,"name":"Provisions Applicable to All Bonds","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13707,"metadata":{},"date_created":"2026-06-26 03:51:09","date_modified":"2026-06-26 03:51:09","permalink":{"id":155963,"object_type":"structure","relational_id":14965,"identifier":"2","token":"15.2\/II\/26\/2","url":"\/15.2\/II\/26\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13707,"edition_id":1,"name":"Public Finance Act","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":155943,"object_type":"structure","relational_id":13707,"identifier":"26","token":"15.2\/II\/26","url":"\/15.2\/II\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":83529,"structure_id":14965,"section_number":"15.2-2604","catch_line":"Powers generally","url":"\/15.2-2604\/","token":"15.2\/II\/26\/2\/15.2-2604","metadata":false},{"id":85999,"structure_id":14965,"section_number":"15.2-2605","catch_line":"Collection of rents and charges; liens on real estate; discharge and enforcement of liens","url":"\/15.2-2605\/","token":"15.2\/II\/26\/2\/15.2-2605","metadata":false},{"id":64803,"structure_id":14965,"section_number":"15.2-2606","catch_line":"Public hearing before issuance of bonds","url":"\/15.2-2606\/","token":"15.2\/II\/26\/2\/15.2-2606","metadata":false},{"id":60104,"structure_id":14965,"section_number":"15.2-2607","catch_line":"Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court","url":"\/15.2-2607\/","token":"15.2\/II\/26\/2\/15.2-2607","metadata":false},{"id":61638,"structure_id":14965,"section_number":"15.2-2608","catch_line":"Bonds for revenue-producing undertakings","url":"\/15.2-2608\/","token":"15.2\/II\/26\/2\/15.2-2608","metadata":false},{"id":58186,"structure_id":14965,"section_number":"15.2-2609","catch_line":"Covenants relating to issuance of revenue bonds","url":"\/15.2-2609\/","token":"15.2\/II\/26\/2\/15.2-2609","metadata":false},{"id":59146,"structure_id":14965,"section_number":"15.2-2610","catch_line":"Request for referendum filed with court; order for election; notice","url":"\/15.2-2610\/","token":"15.2\/II\/26\/2\/15.2-2610","metadata":false},{"id":73440,"structure_id":14965,"section_number":"15.2-2611","catch_line":"Holding of election; order authorizing bonds; authority of governing body","url":"\/15.2-2611\/","token":"15.2\/II\/26\/2\/15.2-2611","metadata":false},{"id":75201,"structure_id":14965,"section_number":"15.2-2612","catch_line":"Dating; rate of interest; maturity; denomination; place of payment","url":"\/15.2-2612\/","token":"15.2\/II\/26\/2\/15.2-2612","metadata":false},{"id":73286,"structure_id":14965,"section_number":"15.2-2613","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/15.2-2613\/","token":"15.2\/II\/26\/2\/15.2-2613","metadata":false},{"id":70278,"structure_id":14965,"section_number":"15.2-2614","catch_line":"Bearer, registered or book entry form","url":"\/15.2-2614\/","token":"15.2\/II\/26\/2\/15.2-2614","metadata":false},{"id":65731,"structure_id":14965,"section_number":"15.2-2615","catch_line":"Bonds deemed negotiable instruments","url":"\/15.2-2615\/","token":"15.2\/II\/26\/2\/15.2-2615","metadata":false},{"id":67880,"structure_id":14965,"section_number":"15.2-2616","catch_line":"Interim receipts or temporary bonds exchangeable for definitive bonds","url":"\/15.2-2616\/","token":"15.2\/II\/26\/2\/15.2-2616","metadata":false},{"id":66232,"structure_id":14965,"section_number":"15.2-2617","catch_line":"Sale of bonds","url":"\/15.2-2617\/","token":"15.2\/II\/26\/2\/15.2-2617","metadata":false},{"id":86877,"structure_id":14965,"section_number":"15.2-2618","catch_line":"Disposition of proceeds; separate fund","url":"\/15.2-2618\/","token":"15.2\/II\/26\/2\/15.2-2618","metadata":false},{"id":65883,"structure_id":14965,"section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/15.2-2619\/","token":"15.2\/II\/26\/2\/15.2-2619","metadata":false},{"id":74470,"structure_id":14965,"section_number":"15.2-2620","catch_line":"Bonds made legal investments","url":"\/15.2-2620\/","token":"15.2\/II\/26\/2\/15.2-2620","metadata":false},{"id":58244,"structure_id":14965,"section_number":"15.2-2621","catch_line":"Bonds mutilated, lost or destroyed","url":"\/15.2-2621\/","token":"15.2\/II\/26\/2\/15.2-2621","metadata":false},{"id":60422,"structure_id":14965,"section_number":"15.2-2622","catch_line":"Destruction of bonds and coupons after payment in full","url":"\/15.2-2622\/","token":"15.2\/II\/26\/2\/15.2-2622","metadata":false},{"id":85499,"structure_id":14965,"section_number":"15.2-2623","catch_line":"Defeasance of indebtedness; rights of owners","url":"\/15.2-2623\/","token":"15.2\/II\/26\/2\/15.2-2623","metadata":false},{"id":65050,"structure_id":14965,"section_number":"15.2-2624","catch_line":"Tax to pay principal and interest","url":"\/15.2-2624\/","token":"15.2\/II\/26\/2\/15.2-2624","metadata":false},{"id":82735,"structure_id":14965,"section_number":"15.2-2625","catch_line":"Deposit of funds; security; investment of funds","url":"\/15.2-2625\/","token":"15.2\/II\/26\/2\/15.2-2625","metadata":false},{"id":64166,"structure_id":14965,"section_number":"15.2-2626","catch_line":"Contracts concerning interest rates, currency, cash flow or other basis","url":"\/15.2-2626\/","token":"15.2\/II\/26\/2\/15.2-2626","metadata":false},{"id":64379,"structure_id":14965,"section_number":"15.2-2627","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-2627\/","token":"15.2\/II\/26\/2\/15.2-2627","metadata":false},{"id":77140,"structure_id":14965,"section_number":"15.2-2628","catch_line":"Notes in anticipation of bond issue","url":"\/15.2-2628\/","token":"15.2\/II\/26\/2\/15.2-2628","metadata":false},{"id":57094,"structure_id":14965,"section_number":"15.2-2629","catch_line":"Loans to meet appropriations for current year","url":"\/15.2-2629\/","token":"15.2\/II\/26\/2\/15.2-2629","metadata":false},{"id":71319,"structure_id":14965,"section_number":"15.2-2630","catch_line":"Loans in anticipation of federal and state funds","url":"\/15.2-2630\/","token":"15.2\/II\/26\/2\/15.2-2630","metadata":false},{"id":71705,"structure_id":14965,"section_number":"15.2-2631","catch_line":"Terms of temporary loans","url":"\/15.2-2631\/","token":"15.2\/II\/26\/2\/15.2-2631","metadata":false}],"previous_section":{"id":64803,"structure_id":14965,"section_number":"15.2-2606","catch_line":"Public hearing before issuance of bonds","url":"\/15.2-2606\/","token":"15.2\/II\/26\/2\/15.2-2606","metadata":false},"next_section":{"id":61638,"structure_id":14965,"section_number":"15.2-2608","catch_line":"Bonds for revenue-producing undertakings","url":"\/15.2-2608\/","token":"15.2\/II\/26\/2\/15.2-2608","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2607\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1958, chapter 640; in 1962, chapter 623; in 1973, chapter 513; in 1991, chapter 668; in 1994, chapter 714<\/a>; in 1997, chapter 587<\/a>; in 2018, chapter 730<\/a>.<\/p>","references":false,"refers_to":[{"id":74770,"section_number":"58.1-3833","catch_line":"County food and beverage tax","order_by":null,"url":"\/58.1-3833\/"}],"permalink":{"id":155977,"object_type":"law","relational_id":60104,"identifier":"15.2-2607","token":"15.2\/II\/26\/2\/15.2-2607","url":"\/15.2-2607\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2607\/","token":"15.2\/II\/26\/2\/15.2-2607","dublin_core":{"Title":"Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2607","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The governing body<\/span> of any locality<\/span>, subject to the approval of a majority of the qualified voters<\/span> of the locality<\/span> voting on the issuance of such bonds<\/span><\/span> if required by the Constitution of Virginia or by this chapter, is authorized to provide by ordinance<\/span> or resolution for the issuance, at one time or from time to time, of bonds<\/span><\/span> of the locality<\/span> for the purposes set forth in and subject to the provisions of this chapter.\n\t\tAny such ordinance<\/span> or resolution may contain provisions which shall be a part of the contract<\/span> with the owners of the bonds<\/span><\/span> as to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The payment of the principal of and premium, if any, and the interest on bonds<\/span><\/span> from (i) ad valorem taxes to be levied without limitation as to rate or amount on all property subject to taxation or (ii) county<\/span> food and beverage taxes levied pursuant to Article 7.1 (§ 58.1-3833<\/a> et seq.) of Chapter 38 of Title 58.1 and the pledging of the full faith and credit of the locality<\/span> to secure the payment of bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The pledge of specified revenues of the locality<\/span>, other than taxes, ad valorem or otherwise, including, without limitation, the pledge of the revenues of any revenue-producing undertaking or undertakings, to the payment of the principal of and premium, if any, and interest on bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The granting of a mortgage or deed of trust lien<\/span> on any specific revenue-producing undertaking or undertakings to secure the payment of the principal of and premium, if any, and interest on bonds<\/span><\/span> issued to finance in whole or in part the costs<\/span> of the undertaking or undertakings, but only if the full faith and credit of the locality<\/span> is not pledged to the payment of the bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The securing of the payment of the principal of and premium, if any, and interest on bonds<\/span><\/span> by an ordinance<\/span> resolution, trust agreement, indenture or other instrument, which may (i) appoint any trust company or bank having the powers of a trust company within or outside the Commonwealth as corporate trustee, (ii) set forth the rights and remedies of the bondholders and of the trustee, (iii) restrict the individual right of action by bondholders, and (iv) contain any other provisions as the governing body<\/span> of the locality<\/span> deems reasonable and proper for the security of the bondholders; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The payment of the principal of and premium, if any, and the interest on bonds<\/span><\/span> from any one or more of the sources of funds provided for in this section or any combination of them and the pledging of any one or more of the sources of funds or any combination of them to secure the payment of the principal of and premium, if any and interest on bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The rates, rents, fees, charges, taxes and other revenues or receipts of any revenue-producing undertaking or undertakings and the amounts to be raised in each year by them, and the use and disposition<\/span> of such rates, rents, fees, charges, taxes and other revenues and receipts of any undertaking or undertakings; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The setting aside of reserves or sinking funds and the regulation and disposition<\/span> of them; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Limitations on the right of the locality<\/span> to restrict and regulate the use of any project<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Limitations on the purpose to which the proceeds of sale of any bonds<\/span><\/span> may be applied; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Limitations on issuance of additional revenue bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> The procedure, if any, by which the terms of any contract<\/span> with bondholders may be amended or discharged, the amount of bonds the owners of which shall consent to the amendment or abrogation, and the manner in which the consent must be given; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Conferring upon the bondholders or the trustee under any ordinance<\/span>, resolution, trust agreement, indenture or other instrument remedies for enforcing the rights of the bondholders and requiring the governing body<\/span> to carry out any agreement with the bondholders; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Any other matter required by any state or federal agency as a condition precedent<\/span> to the obtaining of a direct grant or grants of money for or in aid of any project<\/span> or to defray or partially to defray the cost<\/span> of the labor and materials<\/span> employed upon any project<\/span>, or to obtain a loan or loans of money for or in aid of any project<\/span> from any state or federal agency; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Any provisions necessary to qualify the interest on the bonds for exclusion from gross income for federal income tax purposes and to maintain that exclusion.\n\t\t\tAny ordinance<\/span> or resolution authorizing the issuance of bonds may be finally adopted at the meeting at which it is introduced, which may be a regular or special meeting, by a majority of the members of the governing body<\/span>. A certified copy of each such ordinance<\/span> or resolution shall be filed in the circuit<\/span> court<\/span> having jurisdiction<\/span> over the locality<\/span>. When any town<\/span> is situated partly in two or more counties, the certified copy of the ordinance<\/span> or resolution may be presented to the circuit<\/span> court<\/span> for any of the counties. Except as expressly required by this article, the ordinance<\/span> or resolution need not be published, posted or advertised. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROVISIONS WHICH MAY BE EMBODIED IN BOND ORDINANCES OR RESOLUTION; ADOPTION;\nFILING COPY WITH COURT (\u00a7 15.2-2607)\n\nThe governing body of any locality, subject to the approval of a majority of the\nqualified voters of the locality voting on the issuance of such bonds if\nrequired by the Constitution of Virginia or by this chapter, is authorized to\nprovide by ordinance or resolution for the issuance, at one time or from time to\ntime, of bonds of the locality for the purposes set forth in and subject to the\nprovisions of this chapter.\n\t\tAny such ordinance or resolution may contain provisions which shall be a part\nof the contract with the owners of the bonds as to:\n\n1. The payment of the principal of and premium, if any, and the interest on\nbonds from (i) ad valorem taxes to be levied without limitation as to rate or\namount on all property subject to taxation or (ii) county food and beverage\ntaxes levied pursuant to Article 7.1 (§ 58.1-3833 et seq.) of Chapter 38 of\nTitle 58.1 and the pledging of the full faith and credit of the locality to\nsecure the payment of bonds;\n\n2. The pledge of specified revenues of the locality, other than taxes, ad\nvalorem or otherwise, including, without limitation, the pledge of the revenues\nof any revenue-producing undertaking or undertakings, to the payment of the\nprincipal of and premium, if any, and interest on bonds;\n\n3. The granting of a mortgage or deed of trust lien on any specific\nrevenue-producing undertaking or undertakings to secure the payment of the\nprincipal of and premium, if any, and interest on bonds issued to finance in\nwhole or in part the costs of the undertaking or undertakings, but only if the\nfull faith and credit of the locality is not pledged to the payment of the\nbonds;\n\n4. The securing of the payment of the principal of and premium, if any, and\ninterest on bonds by an ordinance resolution, trust agreement, indenture or\nother instrument, which may (i) appoint any trust company or bank having the\npowers of a trust company within or outside the Commonwealth as corporate\ntrustee, (ii) set forth the rights and remedies of the bondholders and of the\ntrustee, (iii) restrict the individual right of action by bondholders, and (iv)\ncontain any other provisions as the governing body of the locality deems\nreasonable and proper for the security of the bondholders;\n\n5. The payment of the principal of and premium, if any, and the interest on\nbonds from any one or more of the sources of funds provided for in this section\nor any combination of them and the pledging of any one or more of the sources of\nfunds or any combination of them to secure the payment of the principal of and\npremium, if any and interest on bonds;\n\n6. The rates, rents, fees, charges, taxes and other revenues or receipts of any\nrevenue-producing undertaking or undertakings and the amounts to be raised in\neach year by them, and the use and disposition of such rates, rents, fees,\ncharges, taxes and other revenues and receipts of any undertaking or\nundertakings;\n\n7. The setting aside of reserves or sinking funds and the regulation and\ndisposition of them;\n\n8. Limitations on the right of the locality to restrict and regulate the use of\nany project;\n\n9. Limitations on the purpose to which the proceeds of sale of any bonds may be\napplied;\n\n10. Limitations on issuance of additional revenue bonds;\n\n11. The procedure, if any, by which the terms of any contract with bondholders\nmay be amended or discharged, the amount of bonds the owners of which shall\nconsent to the amendment or abrogation, and the manner in which the consent must\nbe given;\n\n12. Conferring upon the bondholders or the trustee under any ordinance,\nresolution, trust agreement, indenture or other instrument remedies for\nenforcing the rights of the bondholders and requiring the governing body to\ncarry out any agreement with the bondholders;\n\n13. Any other matter required by any state or federal agency as a condition\nprecedent to the obtaining of a direct grant or grants of money for or in aid of\nany project or to defray or partially to defray the cost of the labor and\nmaterials employed upon any project, or to obtain a loan or loans of money for\nor in aid of any project from any state or federal agency; and\n\n14. Any provisions necessary to qualify the interest on the bonds for exclusion\nfrom gross income for federal income tax purposes and to maintain that\nexclusion.\n\t\t\tAny ordinance or resolution authorizing the issuance of bonds may be finally\nadopted at the meeting at which it is introduced, which may be a regular or\nspecial meeting, by a majority of the members of the governing body. A certified\ncopy of each such ordinance or resolution shall be filed in the circuit court\nhaving jurisdiction over the locality. When any town is situated partly in two\nor more counties, the certified copy of the ordinance or resolution may be\npresented to the circuit court for any of the counties. Except as expressly\nrequired by this article, the ordinance or resolution need not be published,\nposted or advertised.\n\nHISTORY: Code 1950, \u00a7 15-666.40; 1958, c. 640; 1962, c. 623, \u00a7 15.1-199; 1973,\nc. 513; 1991, c. 668, \u00a7 15.1-227.9; 1994, c. 714; 1997, c. 587; 2018, c. 730.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}