                                 CODE OF VIRGINIA

DEFINITIONS (§ 15.2-2602)

As used in this chapter, the following words and terms have the following
meanings, unless some other meaning is plainly intended:
		&#8220;Bonds&#8221; mean any obligations of a locality for the payment of
money.
		&#8220;Cost&#8221; as applied to any project or to extensions or additions to
any project, includes the purchase price of any project acquired by the locality
or the cost of acquiring all of the capital stock of the corporation owning the
project and the amount to be paid to discharge any obligations in order to vest
title to the project or any part of it in the locality, the cost of
improvements, property or equipment, the cost of construction or reconstruction,
the cost of all labor, materials, machinery and equipment, the cost of all land,
property, rights, easements and franchises acquired, financing charges, interest
before and during construction and for up to one year after completion of
construction, start-up costs and operating capital, the cost of plans and
specifications, surveys and estimates of cost and of revenues, the cost of
engineering, legal and other professional services, expenses incident to
determining the feasibility or practicability of the project, payments by a
locality of its share of the cost of any multi-jurisdictional project,
administrative expense, any amounts to be deposited to reserve or replacement
funds, and other expenses as may be necessary or incident to the financing of
the project. Any obligation or expense incurred by the locality in connection
with any of the foregoing items of cost may be regarded as a part of the cost
and reimbursed to the locality out of the proceeds of bonds issued to finance
the project.
		&#8220;General obligation bonds&#8221; mean the bonds of a locality for the
payment of which the locality is required to levy ad valorem taxes, including
any obligations which may be additionally secured by a pledge of revenues,
special assessments or funds derived from any other source.
		&#8220;Governing body&#8221; means the board of supervisors, council, or other
local legislative body, board, commission or authority having charge of the
finances of any locality, and when the separate concurrence or approval of two
or more sets of authorities is required by law for the making of appropriations,
to the extent so required &#8220;governing body&#8221; includes both or all of
them.
		&#8220;Project&#8221; means any public improvement, property or undertaking
for which the locality is authorized by law to appropriate money, except for
current expenses, and specific undertakings from which the locality may derive
revenues (sometimes called &#8220;revenue-producing undertakings&#8221;)
including, without limitation, water, sewer, sewage disposal, and garbage and
refuse collection and disposal systems and facilities as defined in §
15.2-5101, recycling facilities, facilities for the production of energy from
waste, gasworks, electric light and other lighting systems, airports, off-street
parking facilities, and facilities for public transit or transportation systems.
		&#8220;Revenue bonds&#8221; mean bonds of a locality for which only the
specified revenues of the locality are pledged and to which no ad valorem or
other taxes of the locality are pledged, including, without limitation bonds of
a locality for which only the revenues of a revenue producing undertaking or
undertakings, or such revenues together with a mortgage or deed of trust lien on
the undertaking or undertakings, are pledged to their payment.

HISTORY: Code 1950, § 15-666.15; 1958, c. 640; 1962, c. 623, § 15.1-172; 1970,
c. 268; 1973, c. 513; 1991, c. 668, § 15.1-227.3; 1997, c. 587.