                                 CODE OF VIRGINIA

COLLECTION OF ASSESSMENTS ON RETIRED BONDS (§ 21-416)

All uncollected assessments levied for payment of principal of and interest on
bonds of such project refunded and retired by the issuance of refunding bonds
hereunder may be continued in force, and the proceeds of the collection thereof
pledged and applied to the payment of principal of and interest on the refunding
bonds issued in lieu of such original bonds, and if the outstanding bonds are
retired at less than their par value in such manner as to reduce the bonded
indebtedness of the project the assessments theretofore levied for the payment
of such indebtedness may in the discretion of the board of viewers be
proportionately reduced.

HISTORY: 1934, p. 4; Michie Code 1942, § 1777a; 1954, c. 642.