                                 CODE OF VIRGINIA

ORDINANCE OR RESOLUTION TO PROVIDE FOR ISSUE OF BONDS (§ 15.2-2636)

Except as otherwise provided in this section, whenever any municipality proposes
to borrow money and issue its bonds under the provisions of Article VII, Section
10(a), of the Constitution of Virginia and this chapter, the governing body
shall adopt an ordinance or resolution, stating the maximum principal amount of
the bonds to be issued and in brief and general terms the purpose or purposes
for which the proceeds of the bonds are to be used. Subject to § 15.2-2601, if
the proposed bond issue is pursuant to the provisions of Article VII, Section
10(a) of the Constitution of Virginia (other than subsection (2) thereof), the
governing body may authorize and issue bonds in accordance with the applicable
provisions of this chapter, without submission of the question of the issuance
of the bonds to the voters for approval. If the bonds are being issued under the
provisions of Article VII, Section 10(a)(2) of the Constitution of Virginia, and
are not to be included within the otherwise authorized indebtedness of the
municipality, the bonds shall be authorized by an ordinance which shall state
that fact, as well as the specific undertaking for which the money is proposed
to be borrowed and the bonds are to be issued, and request that a referendum on
the issuance of the bonds be held in accordance with §§ 15.2-2610 and
15.2-2611. Any ordinance or resolution authorizing the issuance of bonds by a
municipality must be passed by the recorded affirmative vote of a majority of
all the members elected to its governing body. If the ordinance or resolution is
vetoed by the mayor, where the power of veto exists, it may be adopted
notwithstanding the veto in the manner prescribed by Article VII, Section 7 of
the Constitution of Virginia.

HISTORY: Code 1950, § 15-666.22; 1958, c. 640; 1962, c. 623, § 15.1-179; 1971,
Ex. Sess., c. 224; 1973, c. 144; 1991, c. 668, § 15.1-227.37; 1997, c. 587.