{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2634.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2634.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2634.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2634.html"}],"law_id":54691,"edition_id":1,"section_id":54691,"structure_id":13708,"section_number":"15.2-2634","catch_line":"Limitation on amount of outstanding bonds","history":"Code 1950, \u00a7 15-666.19; 1958, c. 640; 1962, c. 623, \u00a7 15.1-176; 1971, Ex. Sess., c. 224; 1985, c. 56; 1991, c. 668, \u00a7 15.1-227.35; 1997, c. 587.","full_text":"Subject to \u00a7\u00a7 15.2-2601 and 15.2-2635, no municipality may issue any bonds or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten percent of the assessed valuation of the real estate in the municipality subject to taxation, as shown by the last preceding assessment for taxes.","order_by":null,"text":{"0":{"id":200795,"text":"Subject to \u00a7\u00a7 15.2-2601 and 15.2-2635, no municipality may issue any bonds or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten percent of the assessed valuation of the real estate in the municipality subject to taxation, as shown by the last preceding assessment for taxes.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2634\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 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 1985, chapter 56; in 1991, chapter 668; in 1997, chapter 587<\/a>.<\/p>","references":[{"id":80357,"section_number":"15.2-2635","catch_line":"What indebtedness not included in determining limitation","order_by":null,"url":"\/15.2-2635\/"},{"id":86368,"section_number":"15.2-2639","catch_line":"County may elect to be treated as city for issuing bonds","order_by":null,"url":"\/15.2-2639\/"}],"refers_to":[{"id":72287,"section_number":"15.2-2601","catch_line":"Chapter not to affect general, special and local acts and charters under which bonds are issued or validated","order_by":null,"url":"\/15.2-2601\/"},{"id":80357,"section_number":"15.2-2635","catch_line":"What indebtedness not included in determining limitation","order_by":null,"url":"\/15.2-2635\/"}],"permalink":{"id":156087,"object_type":"law","relational_id":54691,"identifier":"15.2-2634","token":"15.2\/II\/26\/3\/15.2-2634","url":"\/15.2-2634\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2634\/","token":"15.2\/II\/26\/3\/15.2-2634","dublin_core":{"Title":"Limitation on amount of outstanding bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2634","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Subject to \u00a7\u00a7 15.2-2601<\/a> and 15.2-2635<\/a>, no municipality may issue<\/span> any bonds<\/span><\/span> or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten percent of the assessed valuation of the real estate in the municipality subject to taxation, as shown by the last preceding assessment for taxes.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATION ON AMOUNT OF OUTSTANDING BONDS (\u00a7 15.2-2634)\n\nSubject to \u00a7\u00a7 15.2-2601 and 15.2-2635, no municipality may issue any bonds or\nother interest-bearing indebtedness which, including existing indebtedness, at\nany time exceeds ten percent of the assessed valuation of the real estate in the\nmunicipality subject to taxation, as shown by the last preceding assessment for\ntaxes.\n\nHISTORY: Code 1950, \u00a7 15-666.19; 1958, c. 640; 1962, c. 623, \u00a7 15.1-176; 1971,\nEx. Sess., c. 224; 1985, c. 56; 1991, c. 668, \u00a7 15.1-227.35; 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}}