{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2633.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2633.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2633.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2633.html"}],"law_id":81280,"edition_id":1,"section_id":81280,"structure_id":13708,"section_number":"15.2-2633","catch_line":"Borrowing by certain cities to pay expenses","history":"1978, c. 524, \u00a7 15.1-175.2; 1991, c. 668, \u00a7 15.1-227.34; 1997, c. 587.","full_text":"Notwithstanding any provision of law to the contrary, any city may contract debts by borrowing money and authorizing the issuance of its bonds maturing more than one year after their date to pay the expenses associated with it becoming a city, including without limitation, payments to any county for educational services pending the establishment of its school system, provided:\n\n1\n\nThe debts shall not be created after five years from the date it became a city, and2\n\nThe debts shall not at any time during the five-year period exceed one percent of the assessed valuation of the real estate in the city subject to taxation, as shown by the last preceding assessment for taxes.","order_by":null,"text":{"0":{"id":291309,"text":"Notwithstanding any provision of law to the contrary, any city may contract debts by borrowing money and authorizing the issuance of its bonds maturing more than one year after their date to pay the expenses associated with it becoming a city, including without limitation, payments to any county for educational services pending the establishment of its school system, provided:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":291310,"text":"The debts shall not be created after five years from the date it became a city, and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":291311,"text":"The debts shall not at any time during the five-year period exceed one percent of the assessed valuation of the real estate in the city subject to taxation, as shown by the last preceding assessment for taxes.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":13708,"edition_id":1,"name":"Bonds Issued by Municipalities","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13707,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":156077,"object_type":"structure","relational_id":13708,"identifier":"3","token":"15.2\/II\/26\/3","url":"\/15.2\/II\/26\/3\/","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":72089,"structure_id":13708,"section_number":"15.2-2632","catch_line":"Certain debts that may be contracted by city on transition from town","url":"\/15.2-2632\/","token":"15.2\/II\/26\/3\/15.2-2632","metadata":false},{"id":81280,"structure_id":13708,"section_number":"15.2-2633","catch_line":"Borrowing by certain cities to pay expenses","url":"\/15.2-2633\/","token":"15.2\/II\/26\/3\/15.2-2633","metadata":false},{"id":54691,"structure_id":13708,"section_number":"15.2-2634","catch_line":"Limitation on amount of outstanding bonds","url":"\/15.2-2634\/","token":"15.2\/II\/26\/3\/15.2-2634","metadata":false},{"id":80357,"structure_id":13708,"section_number":"15.2-2635","catch_line":"What indebtedness not included in determining limitation","url":"\/15.2-2635\/","token":"15.2\/II\/26\/3\/15.2-2635","metadata":false},{"id":75647,"structure_id":13708,"section_number":"15.2-2636","catch_line":"Ordinance or resolution to provide for issue of bonds","url":"\/15.2-2636\/","token":"15.2\/II\/26\/3\/15.2-2636","metadata":false},{"id":72977,"structure_id":13708,"section_number":"15.2-2637","catch_line":"Danville to incur indebtedness only in accordance with charter","url":"\/15.2-2637\/","token":"15.2\/II\/26\/3\/15.2-2637","metadata":false}],"previous_section":{"id":72089,"structure_id":13708,"section_number":"15.2-2632","catch_line":"Certain debts that may be contracted by city on transition from town","url":"\/15.2-2632\/","token":"15.2\/II\/26\/3\/15.2-2632","metadata":false},"next_section":{"id":54691,"structure_id":13708,"section_number":"15.2-2634","catch_line":"Limitation on amount of outstanding bonds","url":"\/15.2-2634\/","token":"15.2\/II\/26\/3\/15.2-2634","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2633\/","history_text":"

This law was first created in 1978. The record of its establishment is cataloged in chapter 524 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 1978 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1991, chapter 668; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":156083,"object_type":"law","relational_id":81280,"identifier":"15.2-2633","token":"15.2\/II\/26\/3\/15.2-2633","url":"\/15.2-2633\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2633\/","token":"15.2\/II\/26\/3\/15.2-2633","dublin_core":{"Title":"Borrowing by certain cities to pay expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2633","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Notwithstanding any provision of law<\/span> to the contrary, any city<\/span> may contract<\/span> debts by borrowing money and authorizing the issuance of its bonds<\/span><\/span> maturing more than one year after their date to pay the expenses associated with it becoming a city<\/span>, including without limitation, payments to any county<\/span> for educational services pending the establishment of its school system, provided:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The debts shall not be created after five years from the date it became a city<\/span>, and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The debts shall not at any time during the five-year period exceed one percent of the assessed valuation of the real estate in the city<\/span> subject to taxation, as shown by the last preceding assessment for taxes. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBORROWING BY CERTAIN CITIES TO PAY EXPENSES (\u00a7 15.2-2633)\n\nNotwithstanding any provision of law to the contrary, any city may contract\ndebts by borrowing money and authorizing the issuance of its bonds maturing more\nthan one year after their date to pay the expenses associated with it becoming a\ncity, including without limitation, payments to any county for educational\nservices pending the establishment of its school system, provided:\n\n1. The debts shall not be created after five years from the date it became a\ncity, and\n\n2. The debts shall not at any time during the five-year period exceed one\npercent of the assessed valuation of the real estate in the city subject to\ntaxation, as shown by the last preceding assessment for taxes.\n\nHISTORY: 1978, c. 524, \u00a7 15.1-175.2; 1991, c. 668, \u00a7 15.1-227.34; 1997, c.\n587.","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}}