                                 CODE OF VIRGINIA

PAYMENT OF INTEREST ON SERIAL BONDS; NO SINKING FUND REQUIRED; TAX LEVY; USE OF
EXCESS REVENUES (§ 21-137.2)

When serial bonds have been issued, the net revenue derived from the operation
of such systems shall be applied to pay the interest on and the principal of
such serial bonds as the same become due, but no sinking fund shall be required
in respect of serial bonds.
		The board shall, if necessary, levy an annual tax upon all property in such
sanitary district, subject to local taxation, to pay such principal and interest
as shall annually become due for payment. In the event net revenue exceeds the
annual principal and interest due thereon, the board may use such net revenue
for extensions and additions to the system, purchase and retirement of
outstanding bonds of the district, or for any other lawful purpose consistent
therewith.

HISTORY: 1972, c. 236.