                                 CODE OF VIRGINIA

DESTRUCTION OF BONDS AND COUPONS AFTER PAYMENT IN FULL (§ 15.2-2622)

A. Whenever the fiscal agent for any locality pays in full any bonds
representing an obligation of the locality, the fiscal agent may, by agreement
with the locality, destroy the bond and certify the facts of the payment and
destruction to the treasurer or director of finance, as the case may be, of the
locality.

B. The certification required by this section shall set forth the issue, series,
number and maturity date of each bond, together with any additional facts as are
necessary to specifically identify each bond paid and destroyed. However, the
treasurer or director of finance may waive the requirement that the number of
each interest coupon be supplied.

C. Every certification shall be in such form as is prescribed by the Auditor of
Public Accounts and shall be acknowledged in the manner prescribed by law for
the acknowledgment of deeds.

D. Whenever any certification, appearing on its face to have been executed and
acknowledged as prescribed by this section, has been delivered to the treasurer
or director of finance of any locality by the fiscal agent, the treasurer or
director of finance shall, in the absence of actual knowledge of any
misrepresentation or irregularity as to the certification, be relieved of all
further liability for all the bonds represented in the certificate to have been
paid and destroyed. For accounting purposes, every such certification which
appears on its face to have complied with the requirements of this section shall
constitute sufficient evidence of the facts set forth in it.

HISTORY: Code 1950, § 15-666.27:1; 1962, c. 310, § 15.1-184.1; 1966, c. 574;
1983, c. 30; 1991, c. 668, § 15.1-227.24; 1997, c. 587.