{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2624.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2624.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2624.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2624.html"}],"law_id":65050,"edition_id":1,"section_id":65050,"structure_id":14965,"section_number":"15.2-2624","catch_line":"Tax to pay principal and interest","history":"1991, c. 668, \u00a7 15.1-227.25; 1997, c. 587.","full_text":"Notwithstanding any other provision of law or any charter provision, the governing body is authorized and required to levy and collect annually, at the same time and in the same manner as other taxes of the locality are assessed, levied and collected, a tax upon all taxable property within the locality, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on any general obligation bonds of the locality issued under the provisions of this chapter to the extent other funds of the locality are not lawfully available and appropriated for such purpose.","order_by":null,"text":{"0":{"id":236786,"text":"Notwithstanding any other provision of law or any charter provision, the governing body is authorized and required to levy and collect annually, at the same time and in the same manner as other taxes of the locality are assessed, levied and collected, a tax upon all taxable property within the locality, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on any general obligation bonds of the locality issued under the provisions of this chapter to the extent other funds of the locality are not lawfully available and appropriated for such purpose.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2624\/","history_text":"<p>This law was first created in 1991. The record of its establishment is cataloged in chapter 668 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":156045,"object_type":"law","relational_id":65050,"identifier":"15.2-2624","token":"15.2\/II\/26\/2\/15.2-2624","url":"\/15.2-2624\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2624\/","token":"15.2\/II\/26\/2\/15.2-2624","dublin_core":{"Title":"Tax to pay principal and interest","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2624","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Notwithstanding any other provision of <span class=\"dictionary\">law<\/span> or any charter provision, the <span class=\"dictionary\">governing body<\/span> is authorized and required to <span class=\"dictionary\">levy<\/span> and collect annually, at the same time and in the same manner as other taxes of the <span class=\"dictionary\">locality<\/span> are assessed, levied and collected, a tax upon all taxable property within the <span class=\"dictionary\">locality<\/span>, over and above all other taxes, authorized or limited by <span class=\"dictionary\">law<\/span> and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on any <span class=\"dictionary\">general obligation bonds<\/span> of the <span class=\"dictionary\">locality<\/span> issued under the provisions of this chapter to the extent other funds of the <span class=\"dictionary\">locality<\/span> are not lawfully available and appropriated for such purpose.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTAX TO PAY PRINCIPAL AND INTEREST (\u00a7 15.2-2624)\n\nNotwithstanding any other provision of law or any charter provision, the\ngoverning body is authorized and required to levy and collect annually, at the\nsame time and in the same manner as other taxes of the locality are assessed,\nlevied and collected, a tax upon all taxable property within the locality, over\nand above all other taxes, authorized or limited by law and without limitation\nas to rate or amount, sufficient to pay when due the principal of and premium,\nif any, and interest on any general obligation bonds of the locality issued\nunder the provisions of this chapter to the extent other funds of the locality\nare not lawfully available and appropriated for such purpose.\n\nHISTORY: 1991, c. 668, \u00a7 15.1-227.25; 1997, c. 587.","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}}