                                 CODE OF VIRGINIA

RESOLUTION BY SCHOOL BOARD; APPROVAL OR REJECTION BY GOVERNING BODY;
INDEBTEDNESS EVIDENCED BY BONDS (§ 22.1-161.2)

Whenever a school board desires to contract with the Board of Trustees of the
Virginia Retirement System to borrow money for capital projects for school
purposes, it shall adopt a resolution setting forth the purpose for which it is
desired to borrow the money and the amount of such proposed borrowing. Such
resolution shall be entered in the minutes of the school board, and a copy of
the same, certified by the clerk of the school board, shall be submitted by the
school board to the governing body of the county, city or town for its approval
or rejection. If the governing body approves the resolution, it shall enter its
approval in its minutes, and the school board may then endeavor to negotiate an
agreement with the Board of Trustees of the Virginia Retirement System for the
borrowing of such money. If agreement is reached, the question of borrowing such
money on the terms agreed upon by the school board and the Board of Trustees of
the Virginia Retirement System shall again be submitted to the governing body of
the county, city or town for its approval or rejection. If the governing body
approves the terms of the agreement, it shall enter its approval in its minutes,
and the school board may then, by resolution entered in its minutes, provide for
the issuance of negotiable bonds evidencing the indebtedness for sale to the
Virginia Retirement System. Such bonds shall be issued in conformity with the
provisions of this chapter.

HISTORY: 1995, c. 250.