{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/21-137.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/21-137.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/21-137.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/21-137.2.html"}],"law_id":80422,"edition_id":1,"section_id":80422,"structure_id":14396,"section_number":"21-137.2","catch_line":"Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues","history":"1972, c. 236.","full_text":"When serial bonds have been issued, the net revenue derived from the operation of such systems shall be applied to pay the interest on and the principal of such serial bonds as the same become due, but no sinking fund shall be required in respect of serial bonds.\n\t\tThe board shall, if necessary, levy an annual tax upon all property in such sanitary district, subject to local taxation, to pay such principal and interest as shall annually become due for payment. In the event net revenue exceeds the annual principal and interest due thereon, the board may use such net revenue for extensions and additions to the system, purchase and retirement of outstanding bonds of the district, or for any other lawful purpose consistent therewith.","order_by":null,"text":{"0":{"id":288069,"text":"When serial bonds have been issued, the net revenue derived from the operation of such systems shall be applied to pay the interest on and the principal of such serial bonds as the same become due, but no sinking fund shall be required in respect of serial bonds.\n\t\tThe board shall, if necessary, levy an annual tax upon all property in such sanitary district, subject to local taxation, to pay such principal and interest as shall annually become due for payment. In the event net revenue exceeds the annual principal and interest due thereon, the board may use such net revenue for extensions and additions to the system, purchase and retirement of outstanding bonds of the district, or for any other lawful purpose consistent therewith.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14396,"edition_id":1,"name":"Bonds of Sanitary Districts","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":14018,"metadata":{},"date_created":"2026-06-26 03:47:59","date_modified":"2026-06-26 03:47:59","permalink":{"id":179589,"object_type":"structure","relational_id":14396,"identifier":"2","token":"21\/2\/2","url":"\/21\/2\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14018,"edition_id":1,"name":"Sanitary Districts","identifier":"2","label":"chapter","depth":2,"order_by":1,"parent_id":13075,"metadata":{},"date_created":"2026-06-26 03:46:37","date_modified":"2026-06-26 03:46:37","permalink":{"id":179473,"object_type":"structure","relational_id":14018,"identifier":"2","token":"21\/2","url":"\/21\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13075,"edition_id":1,"name":"Drainage, Soil Conservation, Sanitation and Public Facilities Districts","identifier":"21","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:14","date_modified":"2026-06-26 03:44:14","permalink":{"id":179465,"object_type":"structure","relational_id":13075,"identifier":"21","token":"21","url":"\/21\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64870,"structure_id":14396,"section_number":"21-122","catch_line":"Authority to issue bonds; limitation of amount","url":"\/21-122\/","token":"21\/2\/2\/21-122","metadata":false},{"id":72055,"structure_id":14396,"section_number":"21-122.1","catch_line":"Bonds for special purpose; no election required","url":"\/21-122.1\/","token":"21\/2\/2\/21-122.1","metadata":false},{"id":75145,"structure_id":14396,"section_number":"21-123","catch_line":"Order requiring election","url":"\/21-123\/","token":"21\/2\/2\/21-123","metadata":false},{"id":62396,"structure_id":14396,"section_number":"21-124","catch_line":"Conduct of election; canvass of returns, etc","url":"\/21-124\/","token":"21\/2\/2\/21-124","metadata":false},{"id":58972,"structure_id":14396,"section_number":"21-125","catch_line":"Procedure after election","url":"\/21-125\/","token":"21\/2\/2\/21-125","metadata":false},{"id":57041,"structure_id":14396,"section_number":"21-126","catch_line":"Inquiry into election and returns","url":"\/21-126\/","token":"21\/2\/2\/21-126","metadata":false},{"id":84759,"structure_id":14396,"section_number":"21-127","catch_line":"Amount of bonds","url":"\/21-127\/","token":"21\/2\/2\/21-127","metadata":false},{"id":62430,"structure_id":14396,"section_number":"21-127.1","catch_line":"Borrowing in anticipation of bond issue","url":"\/21-127.1\/","token":"21\/2\/2\/21-127.1","metadata":false},{"id":59799,"structure_id":14396,"section_number":"21-128","catch_line":"Failure or refusal to issue bonds","url":"\/21-128\/","token":"21\/2\/2\/21-128","metadata":false},{"id":55737,"structure_id":14396,"section_number":"21-129","catch_line":"Agents for sale of bonds","url":"\/21-129\/","token":"21\/2\/2\/21-129","metadata":false},{"id":76341,"structure_id":14396,"section_number":"21-130","catch_line":"Form of bonds","url":"\/21-130\/","token":"21\/2\/2\/21-130","metadata":false},{"id":66811,"structure_id":14396,"section_number":"21-130.1","catch_line":"Bonds mutilated, lost or destroyed","url":"\/21-130.1\/","token":"21\/2\/2\/21-130.1","metadata":false},{"id":69155,"structure_id":14396,"section_number":"21-131","catch_line":"Delivery to treasurer","url":"\/21-131\/","token":"21\/2\/2\/21-131","metadata":false},{"id":84547,"structure_id":14396,"section_number":"21-132","catch_line":"Liability of treasurer","url":"\/21-132\/","token":"21\/2\/2\/21-132","metadata":false},{"id":71406,"structure_id":14396,"section_number":"21-133","catch_line":"Cost of giving surety on additional bond or bonds required","url":"\/21-133\/","token":"21\/2\/2\/21-133","metadata":false},{"id":85655,"structure_id":14396,"section_number":"21-134","catch_line":"Deposit of proceeds","url":"\/21-134\/","token":"21\/2\/2\/21-134","metadata":false},{"id":65359,"structure_id":14396,"section_number":"21-134.01","catch_line":"Allocation of county funds to sanitary districts","url":"\/21-134.01\/","token":"21\/2\/2\/21-134.01","metadata":false},{"id":77717,"structure_id":14396,"section_number":"21-134.1","catch_line":"Reimbursement of county for advances to sanitary district","url":"\/21-134.1\/","token":"21\/2\/2\/21-134.1","metadata":false},{"id":75106,"structure_id":14396,"section_number":"21-134.2","catch_line":"Validation of advances to sanitary district","url":"\/21-134.2\/","token":"21\/2\/2\/21-134.2","metadata":false},{"id":62493,"structure_id":14396,"section_number":"21-135","catch_line":"Insolvency of depository","url":"\/21-135\/","token":"21\/2\/2\/21-135","metadata":false},{"id":78774,"structure_id":14396,"section_number":"21-136","catch_line":"Bond of depository","url":"\/21-136\/","token":"21\/2\/2\/21-136","metadata":false},{"id":62511,"structure_id":14396,"section_number":"21-137","catch_line":"Repealed","url":"\/21-137\/","token":"21\/2\/2\/21-137","metadata":false},{"id":80554,"structure_id":14396,"section_number":"21-137.1","catch_line":"Payment of interest on and maintenance of sinking fund for term bonds; tax levy; what constitutes \"term bonds\" and \"serial bonds.\"","url":"\/21-137.1\/","token":"21\/2\/2\/21-137.1","metadata":false},{"id":80422,"structure_id":14396,"section_number":"21-137.2","catch_line":"Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues","url":"\/21-137.2\/","token":"21\/2\/2\/21-137.2","metadata":false},{"id":56731,"structure_id":14396,"section_number":"21-138","catch_line":"Same; levy of tax","url":"\/21-138\/","token":"21\/2\/2\/21-138","metadata":false},{"id":83137,"structure_id":14396,"section_number":"21-139","catch_line":"Laws continued in effect","url":"\/21-139\/","token":"21\/2\/2\/21-139","metadata":false},{"id":87164,"structure_id":14396,"section_number":"21-140","catch_line":"Validation of proceedings","url":"\/21-140\/","token":"21\/2\/2\/21-140","metadata":false},{"id":61476,"structure_id":14396,"section_number":"21-140.1","catch_line":"Further validation of proceedings","url":"\/21-140.1\/","token":"21\/2\/2\/21-140.1","metadata":false},{"id":80685,"structure_id":14396,"section_number":"21-140.2","catch_line":"Additional validation of proceedings","url":"\/21-140.2\/","token":"21\/2\/2\/21-140.2","metadata":false},{"id":80939,"structure_id":14396,"section_number":"21-140.3","catch_line":"Validation of certain bonds","url":"\/21-140.3\/","token":"21\/2\/2\/21-140.3","metadata":false}],"previous_section":{"id":80554,"structure_id":14396,"section_number":"21-137.1","catch_line":"Payment of interest on and maintenance of sinking fund for term bonds; tax levy; what constitutes \"term bonds\" and \"serial bonds.\"","url":"\/21-137.1\/","token":"21\/2\/2\/21-137.1","metadata":false},"next_section":{"id":56731,"structure_id":14396,"section_number":"21-138","catch_line":"Same; levy of tax","url":"\/21-138\/","token":"21\/2\/2\/21-138","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/21-137.2\/","history_text":"<p>This law was first created in 1972. The record of its establishment is cataloged in chapter 236 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 1972 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":72055,"section_number":"21-122.1","catch_line":"Bonds for special purpose; no election required","order_by":null,"url":"\/21-122.1\/"},{"id":80554,"section_number":"21-137.1","catch_line":"Payment of interest on and maintenance of sinking fund for term bonds; tax levy; what constitutes \"term bonds\" and \"serial bonds.\"","order_by":null,"url":"\/21-137.1\/"}],"refers_to":false,"permalink":{"id":179683,"object_type":"law","relational_id":80422,"identifier":"21-137.2","token":"21\/2\/2\/21-137.2","url":"\/21-137.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/21-137.2\/","token":"21\/2\/2\/21-137.2","dublin_core":{"Title":"Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues","Type":"Text","Format":"text\/html","Identifier":"\u00a7 21-137.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>When serial <span class=\"dictionary\">bonds<\/span> have been issued, the net revenue derived from the operation of such systems shall be applied to pay the interest on and the principal of such serial <span class=\"dictionary\">bonds<\/span> as the same become due, but no sinking fund shall be required in respect of serial <span class=\"dictionary\">bonds<\/span>.\n\t\tThe board shall, if necessary, <span class=\"dictionary\">levy<\/span> an annual tax upon all property in such sanitary district, subject to local taxation, to pay such principal and interest as shall annually become due for payment. In the event net revenue exceeds the annual principal and interest due thereon, the board may use such net revenue for extensions and additions to the system, purchase and retirement of outstanding <span class=\"dictionary\">bonds<\/span> of the district, or for any other lawful purpose consistent therewith.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPAYMENT OF INTEREST ON SERIAL BONDS; NO SINKING FUND REQUIRED; TAX LEVY; USE OF\nEXCESS REVENUES (\u00a7 21-137.2)\n\nWhen serial bonds have been issued, the net revenue derived from the operation\nof such systems shall be applied to pay the interest on and the principal of\nsuch serial bonds as the same become due, but no sinking fund shall be required\nin respect of serial bonds.\n\t\tThe board shall, if necessary, levy an annual tax upon all property in such\nsanitary district, subject to local taxation, to pay such principal and interest\nas shall annually become due for payment. In the event net revenue exceeds the\nannual principal and interest due thereon, the board may use such net revenue\nfor extensions and additions to the system, purchase and retirement of\noutstanding bonds of the district, or for any other lawful purpose consistent\ntherewith.\n\nHISTORY: 1972, c. 236.","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}}