                                 CODE OF VIRGINIA

ACQUISITION, DISPOSITION AND USE OF PERSONAL PROPERTY BY LOCALITIES GENERALLY
(§ 15.2-951)

Localities, for the purposes of exercising any of their powers and duties and
performing any of their functions, may acquire by gift, bequest, purchase,
lease, or installment purchase contract; and may own and make use of and may
grant security interests in, sell and otherwise dispose of, within and outside
the localities, personal property, including any interest, right or estate
therein. In addition, localities may sell and otherwise dispose of surplus
materials, as defined in § 2.2-1124, by public sale or auction, including
online public auction, provided that such sale or auction conforms with the
procedures set forth in subdivisions B 3 through B 5 and subdivision B 8 of §
2.2-1124. In any instance where personal property in any of the following
categories: school or transit bus fleet, vehicle fleet, or road construction
equipment is sold with the intent to lease back the property, when the value of
the proposed sale amount exceeds $2,000,000 approval by the governing body,
after notice and a public hearing, shall be required. The public hearing shall
be advertised once in a newspaper having general circulation in the locality at
least seven days prior to the date set for the hearing. Any debt incurred by a
municipality pursuant to the provisions of this section shall be subject to the
limitations imposed by Article VII, Section 10 of the Constitution of Virginia.

HISTORY: 1986, c. 573, § 15.1-526.4; 1988, c. 810; 1989, c. 340, § 15.1-29.17;
1997, c. 587; 2005, c. 531; 2006, cc. 468, 493.