                                 CODE OF VIRGINIA

BORROWING BY CERTAIN CITIES TO PAY EXPENSES (§ 15.2-2633)

Notwithstanding any provision of law to the contrary, any city may contract
debts by borrowing money and authorizing the issuance of its bonds maturing more
than one year after their date to pay the expenses associated with it becoming a
city, including without limitation, payments to any county for educational
services pending the establishment of its school system, provided:

1. The debts shall not be created after five years from the date it became a
city, and

2. The debts shall not at any time during the five-year period exceed one
percent of the assessed valuation of the real estate in the city subject to
taxation, as shown by the last preceding assessment for taxes.

HISTORY: 1978, c. 524, § 15.1-175.2; 1991, c. 668, § 15.1-227.34; 1997, c.
587.