Virginia § 15.2-2629 Loans to meet appropriations for current year

Virginia Statutes

§ 15.2-2629 — Loans to meet appropriations for current year

Virginia § 15.2-2629

JurisdictionVirginia

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IIPOWERS OF LOCAL GOVERNMENT

Ch. 26PUBLIC FINANCE ACT

Art. 2PROVISIONS APPLICABLE TO ALL BONDS

This text of Virginia § 15.2-2629 (Loans to meet appropriations for current year) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 15.2-2629 (2026).

Text

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.

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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.