{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/22.1-161.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/22.1-161.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/22.1-161.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/22.1-161.3.html"}],"law_id":354276,"edition_id":2,"section_id":354276,"structure_id":50698,"section_number":"22.1-161.3","catch_line":"Issuance of bonds; procedure; form and requirements","history":"1995, c. 250.","full_text":"Such bonds shall be issued by the school board in the name of the county, city or town. For the payment of the principal of and the interest on such bonds, the full faith and credit of the county, city or town shall be pledged. The bonds shall be signed by the chairman of the school board and countersigned by the clerk thereof, but the bonds may bear or be executed with the facsimile signature of one of such officials, and in the case of coupon bonds, the coupons may bear the facsimile signatures of both of such officials; the bonds shall be under the seal of the school board, but in lieu of impressing such seal physically upon such bonds, a facsimile of such seal may be imprinted on the bonds if so authorized by the school board. The bonds shall be in the denomination or denominations of not less than $1,000 each; they may be in coupon or registered form, or both, as may be agreed upon by the school board and the Board of Trustees of the Virginia Retirement System; they shall bear interest at the agreed rate or rates, and such interest shall be payable semiannually; they shall be serial bonds with maturities and amounts as agreed upon but the first maturity date shall not be longer than two years from the date of such bonds and the maximum maturity date shall not be longer than thirty years from the date of such bonds. The place or places of payment of principal and interest shall be as agreed upon by the school board and the Board of Trustees of the Virginia Retirement System. In case any officer whose signature or a facsimile thereof shall appear on any bond or coupon shall cease to be such officer before the delivery of such bond, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond may bear the signature of a person who at the actual time of the execution of such bond shall be the proper officer to sign the bond although at the date of the bond, the person may not have been such officer.\n\n","order_by":null,"text":{"0":{"id":1318889,"text":"Such bonds shall be issued by the school board in the name of the county, city or town. For the payment of the principal of and the interest on such bonds, the full faith and credit of the county, city or town shall be pledged. The bonds shall be signed by the chairman of the school board and countersigned by the clerk thereof, but the bonds may bear or be executed with the facsimile signature of one of such officials, and in the case of coupon bonds, the coupons may bear the facsimile signatures of both of such officials; the bonds shall be under the seal of the school board, but in lieu of impressing such seal physically upon such bonds, a facsimile of such seal may be imprinted on the bonds if so authorized by the school board. The bonds shall be in the denomination or denominations of not less than $1,000 each; they may be in coupon or registered form, or both, as may be agreed upon by the school board and the Board of Trustees of the Virginia Retirement System; they shall bear interest at the agreed rate or rates, and such interest shall be payable semiannually; they shall be serial bonds with maturities and amounts as agreed upon but the first maturity date shall not be longer than two years from the date of such bonds and the maximum maturity date shall not be longer than thirty years from the date of such bonds. The place or places of payment of principal and interest shall be as agreed upon by the school board and the Board of Trustees of the Virginia Retirement System. In case any officer whose signature or a facsimile thereof shall appear on any bond or coupon shall cease to be such officer before the delivery of such bond, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond may bear the signature of a person who at the actual time of the execution of such bond shall be the proper officer to sign the bond although at the date of the bond, the person may not have been such officer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50698,"edition_id":2,"name":"Borrowing by School Boards From Virginia Retirement System","identifier":"10.1","label":"chapter","depth":2,"order_by":12,"parent_id":50682,"metadata":{"child_laws":8,"child_structures":0},"date_created":"2026-08-02 02:31:37","date_modified":"2026-08-02 12:31:02","permalink":{"id":1408109,"object_type":"structure","relational_id":50698,"identifier":"10.1","token":"22.1\/10.1","url":"\/22.1\/10.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50682,"edition_id":2,"name":"Education","identifier":"22.1","label":"title","depth":1,"order_by":60,"parent_id":null,"metadata":{"child_laws":858,"child_structures":99},"date_created":"2026-08-02 02:31:28","date_modified":"2026-08-02 12:30:57","permalink":{"id":1407951,"object_type":"structure","relational_id":50682,"identifier":"22.1","token":"22.1","url":"\/22.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":354274,"structure_id":50698,"section_number":"22.1-161.1","catch_line":"Borrowing for capital projects for school purposes authorized","url":"\/22.1-161.1\/","token":"22.1\/10.1\/22.1-161.1","metadata":false},{"id":354275,"structure_id":50698,"section_number":"22.1-161.2","catch_line":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","url":"\/22.1-161.2\/","token":"22.1\/10.1\/22.1-161.2","metadata":false},{"id":354276,"structure_id":50698,"section_number":"22.1-161.3","catch_line":"Issuance of bonds; procedure; form and requirements","url":"\/22.1-161.3\/","token":"22.1\/10.1\/22.1-161.3","metadata":false},{"id":354277,"structure_id":50698,"section_number":"22.1-161.4","catch_line":"Disposition of proceeds from sale of bonds; separate fund","url":"\/22.1-161.4\/","token":"22.1\/10.1\/22.1-161.4","metadata":false},{"id":354278,"structure_id":50698,"section_number":"22.1-161.5","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/22.1-161.5\/","token":"22.1\/10.1\/22.1-161.5","metadata":false},{"id":354279,"structure_id":50698,"section_number":"22.1-161.6","catch_line":"Repealed","url":"\/22.1-161.6\/","token":"22.1\/10.1\/22.1-161.6","metadata":false},{"id":354280,"structure_id":50698,"section_number":"22.1-161.7","catch_line":"Tax to pay principal and interest on bonds","url":"\/22.1-161.7\/","token":"22.1\/10.1\/22.1-161.7","metadata":false},{"id":354281,"structure_id":50698,"section_number":"22.1-161.8","catch_line":"Bonds deemed negotiable instruments; sale of bonds by Trustees of Retirement System; bonds made legal investments","url":"\/22.1-161.8\/","token":"22.1\/10.1\/22.1-161.8","metadata":false}],"previous_section":{"id":354275,"structure_id":50698,"section_number":"22.1-161.2","catch_line":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","url":"\/22.1-161.2\/","token":"22.1\/10.1\/22.1-161.2","metadata":false},"next_section":{"id":354277,"structure_id":50698,"section_number":"22.1-161.4","catch_line":"Disposition of proceeds from sale of bonds; separate fund","url":"\/22.1-161.4\/","token":"22.1\/10.1\/22.1-161.4","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-161.3\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 250<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1408119,"object_type":"law","relational_id":354276,"identifier":"22.1-161.3","token":"22.1\/10.1\/22.1-161.3","url":"\/22.1-161.3\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/22.1-161.3\/","token":"22.1\/10.1\/22.1-161.3","dublin_core":{"Title":"Issuance of bonds; procedure; form and requirements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-161.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Such bonds<\/span> shall be issued by the school board<\/span> in the name of the county, city or town. For the payment of the principal of and the interest on such bonds<\/span>, the full faith and credit of the county, city or town shall be pledged. The bonds<\/span> shall be signed by the chairman of the school board<\/span> and countersigned by the clerk thereof, but the bonds<\/span> may bear or be executed with the facsimile signature of one of such officials, and in the case of coupon bonds<\/span>, the coupons may bear the facsimile signatures of both of such officials; the bonds<\/span> shall be under the seal of the school board<\/span>, but in lieu of impressing such seal physically upon such bonds<\/span>, a facsimile of such seal may be imprinted on the bonds<\/span> if so authorized by the school board<\/span>. The bonds<\/span> shall be in the denomination or denominations of not less than $1,000 each; they may be in coupon or registered form, or both, as may be agreed upon by the school board<\/span> and the Board of Trustees of the Virginia Retirement System; they shall bear interest at the agreed rate or rates, and such interest shall be payable semiannually; they shall be serial bonds<\/span> with maturities and amounts as agreed upon but the first maturity date shall not be longer than two years from the date of such bonds<\/span> and the maximum maturity date shall not be longer than thirty years from the date of such bonds<\/span>. The place or places of payment of principal and interest shall be as agreed upon by the school board<\/span> and the Board of Trustees of the Virginia Retirement System. In case any officer whose signature or a facsimile thereof shall appear on any bond<\/span> or coupon shall cease to be such officer before the delivery of such bond<\/span>, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond<\/span> may bear the signature of a person who at the actual time of the execution of such bond<\/span> shall be the proper officer to sign the bond<\/span> although at the date of the bond<\/span>, the person may not have been such officer.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF BONDS; PROCEDURE; FORM AND REQUIREMENTS (\u00a7 22.1-161.3)\n\nSuch bonds shall be issued by the school board in the name of the county, city\nor town. For the payment of the principal of and the interest on such bonds, the\nfull faith and credit of the county, city or town shall be pledged. The bonds\nshall be signed by the chairman of the school board and countersigned by the\nclerk thereof, but the bonds may bear or be executed with the facsimile\nsignature of one of such officials, and in the case of coupon bonds, the coupons\nmay bear the facsimile signatures of both of such officials; the bonds shall be\nunder the seal of the school board, but in lieu of impressing such seal\nphysically upon such bonds, a facsimile of such seal may be imprinted on the\nbonds if so authorized by the school board. The bonds shall be in the\ndenomination or denominations of not less than $1,000 each; they may be in\ncoupon or registered form, or both, as may be agreed upon by the school board\nand the Board of Trustees of the Virginia Retirement System; they shall bear\ninterest at the agreed rate or rates, and such interest shall be payable\nsemiannually; they shall be serial bonds with maturities and amounts as agreed\nupon but the first maturity date shall not be longer than two years from the\ndate of such bonds and the maximum maturity date shall not be longer than thirty\nyears from the date of such bonds. The place or places of payment of principal\nand interest shall be as agreed upon by the school board and the Board of\nTrustees of the Virginia Retirement System. In case any officer whose signature\nor a facsimile thereof shall appear on any bond or coupon shall cease to be such\nofficer before the delivery of such bond, the signature or facsimile shall\nnevertheless be valid and sufficient for all purposes the same as if he had\nremained in office until such delivery, and any bond may bear the signature of a\nperson who at the actual time of the execution of such bond shall be the proper\nofficer to sign the bond although at the date of the bond, the person may not\nhave been such officer.\n\nHISTORY: 1995, c. 250.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}