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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>75647</law_id><section_number>15.2-2636</section_number><catch_line>Ordinance or resolution to provide for issue of bonds</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Powers of Local Government</unit><unit label="chapter" level="3" order_by="1" identifier="26">Public Finance Act</unit><unit label="article" level="4" order_by="1" identifier="3">Bonds Issued by Municipalities</unit></structure><text>
						<section><p>Except as otherwise provided in this section, whenever any municipality proposes to borrow money and <span class="dictionary">issue</span> its <span class="dictionary"><span class="dictionary">bonds</span></span> under the provisions of Article VII, Section 10(a), of the Constitution of Virginia and this chapter, the <span class="dictionary">governing body</span> shall adopt an <span class="dictionary">ordinance</span> or resolution, stating the maximum principal amount of the <span class="dictionary"><span class="dictionary">bonds</span></span> to be issued and in <span class="dictionary">brief</span> and general terms the purpose or purposes for which the proceeds of the <span class="dictionary"><span class="dictionary">bonds</span></span> are to be used. Subject to &#xA7;&#xA0;<a class="law" title="Chapter not to affect general, special and local acts and charters under which bonds are issued or validated" href="/15.2-2601/">15.2-2601</a>, if the proposed <span class="dictionary">bond</span> <span class="dictionary">issue</span> is pursuant to the provisions of Article VII, Section 10(a) of the Constitution of Virginia (other than subsection (2) thereof), the <span class="dictionary">governing body</span> may authorize and <span class="dictionary">issue</span> <span class="dictionary"><span class="dictionary">bonds</span></span> in accordance with the applicable provisions of this chapter, without submission of the question of the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span> to the <span class="dictionary">voters</span> for approval. If the <span class="dictionary"><span class="dictionary">bonds</span></span> are being issued under the provisions of Article VII, Section 10(a)(2) of the Constitution of Virginia, and are not to be included within the otherwise authorized indebtedness of the municipality, the <span class="dictionary"><span class="dictionary">bonds</span></span> shall be authorized by an <span class="dictionary">ordinance</span> which shall state that <span class="dictionary">fact</span>, as well as the specific undertaking for which the money is proposed to be borrowed and the <span class="dictionary"><span class="dictionary">bonds</span></span> are to be issued, and request that a <span class="dictionary">referendum</span> on the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span> be held in accordance with &#xA7;&#xA7;&#xA0;<a class="law" title="Request for referendum filed with court; order for election; notice" href="/15.2-2610/">15.2-2610</a> and <a class="law" title="Holding of election; order authorizing bonds; authority of governing body" href="/15.2-2611/">15.2-2611</a>. Any <span class="dictionary">ordinance</span> or resolution authorizing the issuance of <span class="dictionary"><span class="dictionary">bonds</span></span> by a municipality must be passed by the recorded affirmative vote of a majority of all the members elected to its <span class="dictionary">governing body</span>. If the <span class="dictionary">ordinance</span> or resolution is vetoed by the mayor, where the power of veto exists, it may be adopted notwithstanding the veto in the manner prescribed by Article VII, Section 7 of the Constitution of Virginia.</p></section></text><history>Code 1950, &#xA7; 15-666.22; 1958, c. 640; 1962, c. 623, &#xA7; 15.1-179; 1971, Ex. Sess., c. 224; 1973, c. 144; 1991, c. 668, &#xA7; 15.1-227.37; 1997, c. 587.</history><metadata></metadata></law>
