                                 CODE OF VIRGINIA

PROVISIONS WHICH MAY BE EMBODIED IN BOND ORDINANCES OR RESOLUTION; ADOPTION;
FILING COPY WITH COURT (§ 15.2-2607)

The governing body of any locality, subject to the approval of a majority of the
qualified voters of the locality voting on the issuance of such bonds if
required by the Constitution of Virginia or by this chapter, is authorized to
provide by ordinance or resolution for the issuance, at one time or from time to
time, of bonds of the locality for the purposes set forth in and subject to the
provisions of this chapter.
		Any such ordinance or resolution may contain provisions which shall be a part
of the contract with the owners of the bonds as to:

1. The payment of the principal of and premium, if any, and the interest on
bonds from (i) ad valorem taxes to be levied without limitation as to rate or
amount on all property subject to taxation or (ii) county food and beverage
taxes levied pursuant to Article 7.1 (&#xA7; 58.1-3833 et seq.) of Chapter 38 of
Title 58.1 and the pledging of the full faith and credit of the locality to
secure the payment of bonds;

2. The pledge of specified revenues of the locality, other than taxes, ad
valorem or otherwise, including, without limitation, the pledge of the revenues
of any revenue-producing undertaking or undertakings, to the payment of the
principal of and premium, if any, and interest on bonds;

3. The granting of a mortgage or deed of trust lien on any specific
revenue-producing undertaking or undertakings to secure the payment of the
principal of and premium, if any, and interest on bonds issued to finance in
whole or in part the costs of the undertaking or undertakings, but only if the
full faith and credit of the locality is not pledged to the payment of the
bonds;

4. The securing of the payment of the principal of and premium, if any, and
interest on bonds by an ordinance resolution, trust agreement, indenture or
other instrument, which may (i) appoint any trust company or bank having the
powers of a trust company within or outside the Commonwealth as corporate
trustee, (ii) set forth the rights and remedies of the bondholders and of the
trustee, (iii) restrict the individual right of action by bondholders, and (iv)
contain any other provisions as the governing body of the locality deems
reasonable and proper for the security of the bondholders;

5. The payment of the principal of and premium, if any, and the interest on
bonds from any one or more of the sources of funds provided for in this section
or any combination of them and the pledging of any one or more of the sources of
funds or any combination of them to secure the payment of the principal of and
premium, if any and interest on bonds;

6. The rates, rents, fees, charges, taxes and other revenues or receipts of any
revenue-producing undertaking or undertakings and the amounts to be raised in
each year by them, and the use and disposition of such rates, rents, fees,
charges, taxes and other revenues and receipts of any undertaking or
undertakings;

7. The setting aside of reserves or sinking funds and the regulation and
disposition of them;

8. Limitations on the right of the locality to restrict and regulate the use of
any project;

9. Limitations on the purpose to which the proceeds of sale of any bonds may be
applied;

10. Limitations on issuance of additional revenue bonds;

11. The procedure, if any, by which the terms of any contract with bondholders
may be amended or discharged, the amount of bonds the owners of which shall
consent to the amendment or abrogation, and the manner in which the consent must
be given;

12. Conferring upon the bondholders or the trustee under any ordinance,
resolution, trust agreement, indenture or other instrument remedies for
enforcing the rights of the bondholders and requiring the governing body to
carry out any agreement with the bondholders;

13. Any other matter required by any state or federal agency as a condition
precedent to the obtaining of a direct grant or grants of money for or in aid of
any project or to defray or partially to defray the cost of the labor and
materials employed upon any project, or to obtain a loan or loans of money for
or in aid of any project from any state or federal agency; and

14. Any provisions necessary to qualify the interest on the bonds for exclusion
from gross income for federal income tax purposes and to maintain that
exclusion.
			Any ordinance or resolution authorizing the issuance of bonds may be finally
adopted at the meeting at which it is introduced, which may be a regular or
special meeting, by a majority of the members of the governing body. A certified
copy of each such ordinance or resolution shall be filed in the circuit court
having jurisdiction over the locality. When any town is situated partly in two
or more counties, the certified copy of the ordinance or resolution may be
presented to the circuit court for any of the counties. Except as expressly
required by this article, the ordinance or resolution need not be published,
posted or advertised.

HISTORY: Code 1950, § 15-666.40; 1958, c. 640; 1962, c. 623, § 15.1-199; 1973,
c. 513; 1991, c. 668, § 15.1-227.9; 1994, c. 714; 1997, c. 587; 2018, c. 730.