{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2628.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2628.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2628.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2628.html"}],"law_id":77140,"edition_id":1,"section_id":77140,"structure_id":14965,"section_number":"15.2-2628","catch_line":"Notes in anticipation of bond issue","history":"Code 1950, \u00a7 15-666.64; 1958, c. 640; 1962, cc. 220, 623, \u00a7 15.1-223; 1966, c. 161; 1970, c. 144; 1991, c. 668, \u00a7 15.1-227.29; 1997, c. 587.","full_text":"In anticipation of the issuance of bonds under the provisions of this chapter and of the receipt of the proceeds from the sale of bonds, any locality may borrow money and issue its notes for any purpose for which bonds of the locality have been authorized in a principal amount not to exceed the principal amount of the authorized bonds. The notes shall mature and be paid within five years of the date of their original issuance. Any notes may be extended or refinanced from time to time, provided that no extension or refinancing matures later than five years from the date of the original issuance of the notes.\n\t\tThe locality may, in its discretion, retire any notes by means of current revenues, special assessments, or other funds, in lieu of retiring them by the issuance of bonds, provided that the maximum amount of bonds that has been authorized must be reduced by the amount of the notes retired in such manner.","order_by":null,"text":{"0":{"id":276719,"text":"In anticipation of the issuance of bonds under the provisions of this chapter and of the receipt of the proceeds from the sale of bonds, any locality may borrow money and issue its notes for any purpose for which bonds of the locality have been authorized in a principal amount not to exceed the principal amount of the authorized bonds. The notes shall mature and be paid within five years of the date of their original issuance. Any notes may be extended or refinanced from time to time, provided that no extension or refinancing matures later than five years from the date of the original issuance of the notes.\n\t\tThe locality may, in its discretion, retire any notes by means of current revenues, special assessments, or other funds, in lieu of retiring them by the issuance of bonds, provided that the maximum amount of bonds that has been authorized must be reduced by the amount of the notes retired in such manner.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2628\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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, chapters 220 and 623; in 1966, chapter 161; in 1970, chapter 144; in 1991, chapter 668; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":[{"id":71705,"section_number":"15.2-2631","catch_line":"Terms of temporary loans","order_by":null,"url":"\/15.2-2631\/"}],"refers_to":false,"permalink":{"id":156061,"object_type":"law","relational_id":77140,"identifier":"15.2-2628","token":"15.2\/II\/26\/2\/15.2-2628","url":"\/15.2-2628\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2628\/","token":"15.2\/II\/26\/2\/15.2-2628","dublin_core":{"Title":"Notes in anticipation of bond issue","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2628","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In anticipation of the issuance of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> under the provisions of this chapter and of the receipt of the proceeds from the sale of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, any <span class=\"dictionary\">locality<\/span> may borrow money and <span class=\"dictionary\">issue<\/span> its notes for any purpose for which <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> of the <span class=\"dictionary\">locality<\/span> have been authorized in a principal amount not to exceed the principal amount of the authorized <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>. The notes shall mature and be paid within five years of the date of their original issuance. Any notes may be extended or refinanced from time to time, provided that no extension or refinancing matures later than five years from the date of the original issuance of the notes.\n\t\tThe <span class=\"dictionary\">locality<\/span> may, in its discretion, retire any notes by means of current revenues, special assessments, or other funds, in lieu of retiring them by the issuance of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, provided that the maximum amount of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> that has been authorized must be reduced by the amount of the notes retired in such manner.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nNOTES IN ANTICIPATION OF BOND ISSUE (\u00a7 15.2-2628)\n\nIn anticipation of the issuance of bonds under the provisions of this chapter\nand of the receipt of the proceeds from the sale of bonds, any locality may\nborrow money and issue its notes for any purpose for which bonds of the locality\nhave been authorized in a principal amount not to exceed the principal amount of\nthe authorized bonds. The notes shall mature and be paid within five years of\nthe date of their original issuance. Any notes may be extended or refinanced\nfrom time to time, provided that no extension or refinancing matures later than\nfive years from the date of the original issuance of the notes.\n\t\tThe locality may, in its discretion, retire any notes by means of current\nrevenues, special assessments, or other funds, in lieu of retiring them by the\nissuance of bonds, provided that the maximum amount of bonds that has been\nauthorized must be reduced by the amount of the notes retired in such manner.\n\nHISTORY: Code 1950, \u00a7 15-666.64; 1958, c. 640; 1962, cc. 220, 623, \u00a7 15.1-223;\n1966, c. 161; 1970, c. 144; 1991, c. 668, \u00a7 15.1-227.29; 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}}