Va. Code § 15.2-2634

Current with changes from the 2024 legislative session through ch. 845

Section 15.2-2634 - Limitation on amount of outstanding bonds

Subject to §§ 15.2-2601 and 15.2-2635, no municipality may issue any bonds or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten percent of the assessed valuation of the real estate in the municipality subject to taxation, as shown by the last preceding assessment for taxes.

Code 1950, § 15-666.19; 1958, c. 640; 1962, c. 623, § 15.1-176; 1971, Ex. Sess., c. 224; 1985, c. 56; 1991, c. 668, § 15.1-227.35; 1997, c. 587.

Amended by Acts 1997, c. 587.

Amended by Acts 1991, c. 668, § 15.1-227.35.

Amended by Acts 1985, c. 56.

Amended by Acts 1971, § Ex. Sess., c. 224.

Amended by Acts 1962, c. 623, § 15.1-176.

Amended by Acts 1958, c. 640.