CODE OF VIRGINIA

DEFINITIONS (§ 15.2-2602)

As used in this chapter, the following words and terms have the following
meanings, unless some other meaning is plainly intended:”Bonds” mean
any obligations of a locality for the payment of money.”Cost” as
applied to any project or to extensions or additions to any project, includes
the purchase price of any project acquired by the locality or the cost of
acquiring all of the capital stock of the corporation owning the project and the
amount to be paid to discharge any obligations in order to vest title to the
project or any part of it in the locality, the cost of improvements, property or
equipment, the cost of construction or reconstruction, the cost of all labor,
materials, machinery and equipment, the cost of all land, property, rights,
easements and franchises acquired, financing charges, interest before and during
construction and for up to one year after completion of construction, start-up
costs and operating capital, the cost of plans and specifications, surveys and
estimates of cost and of revenues, the cost of engineering, legal and other
professional services, expenses incident to determining the feasibility or
practicability of the project, payments by a locality of its share of the cost
of any multi-jurisdictional project, administrative expense, any amounts to be
deposited to reserve or replacement funds, and other expenses as may be
necessary or incident to the financing of the project. Any obligation or expense
incurred by the locality in connection with any of the foregoing items of cost
may be regarded as a part of the cost and reimbursed to the locality out of the
proceeds of bonds issued to finance the project.”General obligation
bonds” mean the bonds of a locality for the payment of which the locality
is required to levy ad valorem taxes, including any obligations which may be
additionally secured by a pledge of revenues, special assessments or funds
derived from any other source.”Governing body” means the board of
supervisors, council, or other local legislative body, board, commission or
authority having charge of the finances of any locality, and when the separate
concurrence or approval of two or more sets of authorities is required by law
for the making of appropriations, to the extent so required “governing
body” includes both or all of them.”Project” means any public
improvement, property or undertaking for which the locality is authorized by law
to appropriate money, except for current expenses, and specific undertakings
from which the locality may derive revenues (sometimes called
“revenue-producing undertakings”) including, without limitation,
water, sewer, sewage disposal, and garbage and refuse collection and disposal
systems and facilities as defined in § 15.2-5101, recycling facilities,
facilities for the production of energy from waste, gasworks, electric light and
other lighting systems, airports, off-street parking facilities, and facilities
for public transit or transportation systems.”Revenue bonds” mean
bonds of a locality for which only the specified revenues of the locality are
pledged and to which no ad valorem or other taxes of the locality are pledged,
including, without limitation bonds of a locality for which only the revenues of
a revenue producing undertaking or undertakings, or such revenues together with
a mortgage or deed of trust lien on the undertaking or undertakings, are pledged
to their payment.

HISTORY: Code 1950, § 15-666.15; 1958, c. 640; 1962, c. 623, § 15.1-172; 1970,
c. 268; 1973, c. 513; 1991, c. 668, § 15.1-227.3; 1997, c. 587.