CODE OF VIRGINIA

LOANS TO MEET APPROPRIATIONS FOR CURRENT YEAR (§ 15.2-2629)

Any locality may borrow money and issue its notes in anticipation of the
collection of the taxes and revenues of the locality for the current year, but
the principal amount of the notes may not exceed the anticipated revenues for
such year. Such notes shall mature and be paid within one year from the date
they are issued. No extension of such notes shall be valid and no additional
notes shall be issued under this section until all notes issued during preceding
years have been paid.

HISTORY: 1991, c. 668, § 15.1-227.30; 1997, c. 587.