CODE OF VIRGINIA

AUTHORITY FOR ISSUANCE; RESOLUTIONS OR ORDINANCES (§ 15.2-2643)

The governing body of any locality is authorized to provide by resolution or
ordinance for the issuance of bonds of the locality for the purpose of refunding
any or all bonds of the locality now or hereafter outstanding, other than
obligations issued in anticipation of the collection of the revenue of the
locality for the then current year, and for the purpose of paying the cost of
issuing the refunding bonds, whether the locality created the indebtedness or
assumed or became liable for it and whether or not the indebtedness to be
refunded has matured or is then subject to redemption.This article shall without
reference to any other sections of the Code or acts of the General Assembly be
full authority for the issuance, sale, or exchange of bonds authorized under it,
and no order, resolution or proceeding in respect of the issuance of the bonds
shall be necessary except as required by this article. No approval of the
authorization, sale, or exchange of bonds under this article shall be required
by any official, court, board, or body and no publication of any notice, order,
resolution, or proceeding relating to the issuance of refunding bonds shall be
necessary, except as expressly required in this article. The authorization and
issuance of refunding bonds shall not be subject to referendum.

HISTORY: Code 1950, § 15-666.33; 1958, c. 640; 1962, c. 623, § 15.1-192; 1977,
c. 442; 1991, c. 668, § 15.1-227.44; 1997, c. 587.