                                 CODE OF VIRGINIA

GOVERNMENTAL INSTRUMENTALITIES AUTHORIZED TO ISSUE BONDS, ETC., AT RATES OF
INTEREST IN EXCESS OF LEGAL LIMITS; SALE OF SUCH BONDS (§ 2.2-5000)

A. Notwithstanding any limitation contained in any general or special law or in
any charter of any city or town of the Commonwealth, a governmental
instrumentality, which under law has the power to issue bonds, notes or other
obligations (herein collectively called &#8220;bonds&#8221;) to provide funds to
carry out its public purposes, may issue such bonds at such rates of interest in
excess of the rates now permitted by law as may be determined by the governing
body empowered under law to authorize the issuance of bonds of such governmental
instrumentality and to sell the bonds for a price it determines to be for the
best interests of the Commonwealth and of such governmental instrumentality.

B. For the purposes of this chapter, &#8220;governmental instrumentality&#8221;
means each department, institution, commission, public corporate instrumentality
or agency of the Commonwealth and every political subdivision of the
Commonwealth including, but not limited to, each public authority and district
and each county, city or town or instrumentality thereof.

HISTORY: 1970, c. 1, § 2.1-326.1; 1990, c. 712; 2001, c. 844.