                                 CODE OF VIRGINIA

AMOUNT OF BONDS (§ 15.2-2645)

No refunding bonds shall be issued in a principal amount exceeding that
necessary to amortize the principal of and premium, if any, and interest on the
bonds to be refunded and pay all expenses reasonably incurred in the issuance of
the refunding bonds less the amount then in any sinking, escrow and other funds
which are available for the payment of the principal, premium, if any, or
interest on the bonds to be refunded.

HISTORY: Code 1950, § 15-666.35; 1958, c. 640; 1962, c. 623, § 15.1-194; 1977,
c. 442; 1991, c. 668, § 15.1-227.47; 1997, c. 587.