Virginia § 15.2-2633 Borrowing by certain cities to pay expenses

Virginia Statutes

§ 15.2-2633 — Borrowing by certain cities to pay expenses

Virginia § 15.2-2633

JurisdictionVirginia

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IIPOWERS OF LOCAL GOVERNMENT

Ch. 26PUBLIC FINANCE ACT

Art. 3BONDS ISSUED BY MUNICIPALITIES

This text of Virginia § 15.2-2633 (Borrowing by certain cities to pay expenses) 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. § 15.2-2633 (2026).

Text

Notwithstanding any provision of law to the contrary, any city may contract debts by borrowing money and authorizing the issuance of its bonds maturing more than one year after their date to pay the expenses associated with it becoming a city, including without limitation, payments to any county for educational services pending the establishment of its school system, provided:

1.The debts shall not be created after five years from the date it became a city, and

2.The debts shall not at any time during the five-year period exceed one percent of the assessed valuation of the real estate in the city subject to taxation, as shown by the last preceding assessment for taxes.

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Notwithstanding any provision of law to the contrary, any city may contract debts by borrowing money and authorizing the issuance of its bonds maturing more than one year after their date to pay the expenses associated with it becoming a city, including without limitation, payments to any county for educational services pending the establishment of its school system, provided:

1. The debts shall not be created after five years from the date it became a city, and

2. The debts shall not at any time during the five-year period exceed one percent of the assessed valuation of the real estate in the city subject to taxation, as shown by the last preceding assessment for taxes.