§ 15.2-2636. Ordinance or resolution to provide for issue of bonds.
Except as otherwise provided in this section, whenever any municipalityproposes to borrow money and issue its bonds under the provisions of ArticleVII, Section 10 (a), of the Constitution of Virginia and this chapter, thegoverning body shall adopt an ordinance or resolution, stating the maximumprincipal amount of the bonds to be issued and in brief and general terms thepurpose or purposes for which the proceeds of the bonds are to be used.Subject to § 15.2-2601, if the proposed bond issue is pursuant to theprovisions of Article VII, Section 10 (a) of the Constitution of Virginia(other than subsection (2) thereof), the governing body may authorize andissue bonds in accordance with the applicable provisions of this chapter,without submission of the question of the issuance of the bonds to the votersfor approval. If the bonds are being issued under the provisions of ArticleVII, Section 10 (a) (2) of the Constitution of Virginia, and are not to beincluded within the otherwise authorized indebtedness of the municipality,the bonds shall be authorized by an ordinance which shall state that fact, aswell as the specific undertaking for which the money is proposed to beborrowed and the bonds are to be issued, and request that a referendum on theissuance of the bonds be held in accordance with §§ 15.2-2610 and 15.2-2611.Any ordinance or resolution authorizing the issuance of bonds by amunicipality must be passed by the recorded affirmative vote of a majority ofall the members elected to its governing body. If the ordinance or resolutionis vetoed by the mayor, where the power of veto exists, it may be adoptednotwithstanding the veto in the manner prescribed by Article VII, Section 7of the Constitution of Virginia.
(Code 1950, § 15-666.22; 1958, c. 640; 1962, c. 623, § 15.1-179; 1971, Ex.Sess., c. 224; 1973, c. 144; 1991, c. 668, § 15.1-227.37; 1997, c. 587.)
§ 15.2-2636. Ordinance or resolution to provide for issue of bonds.
Except as otherwise provided in this section, whenever any municipalityproposes to borrow money and issue its bonds under the provisions of ArticleVII, Section 10 (a), of the Constitution of Virginia and this chapter, thegoverning body shall adopt an ordinance or resolution, stating the maximumprincipal amount of the bonds to be issued and in brief and general terms thepurpose or purposes for which the proceeds of the bonds are to be used.Subject to § 15.2-2601, if the proposed bond issue is pursuant to theprovisions of Article VII, Section 10 (a) of the Constitution of Virginia(other than subsection (2) thereof), the governing body may authorize andissue bonds in accordance with the applicable provisions of this chapter,without submission of the question of the issuance of the bonds to the votersfor approval. If the bonds are being issued under the provisions of ArticleVII, Section 10 (a) (2) of the Constitution of Virginia, and are not to beincluded within the otherwise authorized indebtedness of the municipality,the bonds shall be authorized by an ordinance which shall state that fact, aswell as the specific undertaking for which the money is proposed to beborrowed and the bonds are to be issued, and request that a referendum on theissuance of the bonds be held in accordance with §§ 15.2-2610 and 15.2-2611.Any ordinance or resolution authorizing the issuance of bonds by amunicipality must be passed by the recorded affirmative vote of a majority ofall the members elected to its governing body. If the ordinance or resolutionis vetoed by the mayor, where the power of veto exists, it may be adoptednotwithstanding the veto in the manner prescribed by Article VII, Section 7of the Constitution of Virginia.
(Code 1950, § 15-666.22; 1958, c. 640; 1962, c. 623, § 15.1-179; 1971, Ex.Sess., c. 224; 1973, c. 144; 1991, c. 668, § 15.1-227.37; 1997, c. 587.)
§ 15.2-2636. Ordinance or resolution to provide for issue of bonds.
Except as otherwise provided in this section, whenever any municipalityproposes to borrow money and issue its bonds under the provisions of ArticleVII, Section 10 (a), of the Constitution of Virginia and this chapter, thegoverning body shall adopt an ordinance or resolution, stating the maximumprincipal amount of the bonds to be issued and in brief and general terms thepurpose or purposes for which the proceeds of the bonds are to be used.Subject to § 15.2-2601, if the proposed bond issue is pursuant to theprovisions of Article VII, Section 10 (a) of the Constitution of Virginia(other than subsection (2) thereof), the governing body may authorize andissue bonds in accordance with the applicable provisions of this chapter,without submission of the question of the issuance of the bonds to the votersfor approval. If the bonds are being issued under the provisions of ArticleVII, Section 10 (a) (2) of the Constitution of Virginia, and are not to beincluded within the otherwise authorized indebtedness of the municipality,the bonds shall be authorized by an ordinance which shall state that fact, aswell as the specific undertaking for which the money is proposed to beborrowed and the bonds are to be issued, and request that a referendum on theissuance of the bonds be held in accordance with §§ 15.2-2610 and 15.2-2611.Any ordinance or resolution authorizing the issuance of bonds by amunicipality must be passed by the recorded affirmative vote of a majority ofall the members elected to its governing body. If the ordinance or resolutionis vetoed by the mayor, where the power of veto exists, it may be adoptednotwithstanding the veto in the manner prescribed by Article VII, Section 7of the Constitution of Virginia.
(Code 1950, § 15-666.22; 1958, c. 640; 1962, c. 623, § 15.1-179; 1971, Ex.Sess., c. 224; 1973, c. 144; 1991, c. 668, § 15.1-227.37; 1997, c. 587.)
