                                 CODE OF VIRGINIA

BONDING AUTHORITY (§ 15.2-2108.10)

A. The governing body of a municipality may by resolution determine to issue one
or more bonds to finance the capital costs for facilities necessary to provide
to subscribers a cable television service. Such resolution shall: (i) describe
the purpose for which the indebtedness is to be created and (ii) specify the
dollar amount of the one or more bonds proposed to be issued.

B. A bond issued under this section shall be secured and paid for solely from
the revenues generated by the municipality from providing cable television
services with respect to bonds issued to finance facilities for the
municipality&#8217;s cable television services. Notwithstanding the foregoing, a
municipality authorized under subsection E of &#xA7; 56-265.4:4 to provide cable
television services shall not be subject to the requirement that it secure a
bond with solely the revenues generated by the municipality from providing cable
television services, and such municipality shall repay the bond indebtedness in
a fashion that reflects a reasonable pro rata allocation of such indebtedness by
enterprise fund or department.

C. A municipality shall pay that portion of the origination, financing, or other
carrying costs associated with one or more bonds issued under this section
associated with cable television solely from the funds of the cable television
department.

HISTORY: 2003, c. 677.