                                 CODE OF VIRGINIA

PURCHASE AND SALE OF LOCAL SCHOOL BONDS (§ 22.1-166)

The Authority is authorized to purchase local school bonds with any funds of the
Authority available for such purpose, at public or private sale and for such
price and on such terms as it shall determine. The Authority may pledge to the
payment of the interest on and the principal of any bonds of the Authority all
or any part of the local school bonds so purchased, including payments of
principal and interest thereon as they shall become due. The Authority may also,
subject to any such pledge, sell any such local school bonds so purchased and
apply the proceeds of such sale in the purchase of other like local school bonds
or for such purpose and in such manner as shall be provided by any resolution
authorizing the issuance of bonds of the Authority, or the Authority may
transfer such proceeds to the Literary Fund. For the purpose of Article VII,
Section 10(b) of the Constitution of Virginia, the Authority shall be deemed a
state agency authorized to purchase bonds issued with the consent of the school
board and the governing body of the county by or on behalf of a county or
district thereof for capital projects for school purposes.
		Notwithstanding the provisions of any general or special law to the contrary,
any city completely surrounded by a county having the urban county executive
form of government may finance capital projects for school purposes through the
Authority without the requirement of a voter referendum if the financing for the
capital project is requested by both the city council and the school board.
		The proceeds of all local school bonds issued pursuant to this chapter prior
to July 1, 1975, may be used for any capital project for public schools as
provided in the resolution by which their issuance was authorized.

HISTORY: Code 1950, § 22-29.6; 1962, c. 194; 1971, Ex. Sess., c. 87; 1972, c.
745; 1975, c. 434; 1976, c. 491; 1980, c. 559; 1989, c. 456.