CODE OF VIRGINIA

LIMITATION ON AMOUNT OF OUTSTANDING BONDS (§ 15.2-2634)

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.

HISTORY: 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.