§ 15.2-5431.15. Time for contesting validity of proposed bond issue; whenbonds presumed valid.
A. For a period of 30 days after the date of the filing with the circuitcourt having jurisdiction over the locality creating the authority, anyperson in interest may contest the validity of the bonds, the rates, fees andother charges for the services and facilities furnished by, for the use of,or in connection with, any such project, the pledge of the revenues oftherefrom, or any combination of any thereof. If such contest is not givenwithin the 30-day period, the authority to issue the bonds, the validity ofthe pledge of revenues necessary to pay the bonds, the validity of any otherprovision contained in the resolution, trust agreement, indenture or otherinstrument, and all proceedings in connection with the authorization and theissuance of the bonds shall be conclusively presumed to have been legallytaken and no court shall have authority to inquire into such matters and nosuch contest shall thereafter be instituted.
B. Upon the delivery of any bonds reciting that they are issued pursuant tothis chapter and a resolution or resolutions adopted under this chapter, thebonds shall be conclusively presumed to be fully authorized by all the lawsof the Commonwealth and to have been sold, executed and delivered by theauthority in conformity with such laws, and the validity of the bonds shallnot be questioned by a party plaintiff, a party defendant, the authority, orany other interested party in any court, anything in this chapter or in anyother statutes to the contrary notwithstanding.
§ 15.2-5431.15. Time for contesting validity of proposed bond issue; whenbonds presumed valid.
A. For a period of 30 days after the date of the filing with the circuitcourt having jurisdiction over the locality creating the authority, anyperson in interest may contest the validity of the bonds, the rates, fees andother charges for the services and facilities furnished by, for the use of,or in connection with, any such project, the pledge of the revenues oftherefrom, or any combination of any thereof. If such contest is not givenwithin the 30-day period, the authority to issue the bonds, the validity ofthe pledge of revenues necessary to pay the bonds, the validity of any otherprovision contained in the resolution, trust agreement, indenture or otherinstrument, and all proceedings in connection with the authorization and theissuance of the bonds shall be conclusively presumed to have been legallytaken and no court shall have authority to inquire into such matters and nosuch contest shall thereafter be instituted.
B. Upon the delivery of any bonds reciting that they are issued pursuant tothis chapter and a resolution or resolutions adopted under this chapter, thebonds shall be conclusively presumed to be fully authorized by all the lawsof the Commonwealth and to have been sold, executed and delivered by theauthority in conformity with such laws, and the validity of the bonds shallnot be questioned by a party plaintiff, a party defendant, the authority, orany other interested party in any court, anything in this chapter or in anyother statutes to the contrary notwithstanding.
§ 15.2-5431.15. Time for contesting validity of proposed bond issue; whenbonds presumed valid.
A. For a period of 30 days after the date of the filing with the circuitcourt having jurisdiction over the locality creating the authority, anyperson in interest may contest the validity of the bonds, the rates, fees andother charges for the services and facilities furnished by, for the use of,or in connection with, any such project, the pledge of the revenues oftherefrom, or any combination of any thereof. If such contest is not givenwithin the 30-day period, the authority to issue the bonds, the validity ofthe pledge of revenues necessary to pay the bonds, the validity of any otherprovision contained in the resolution, trust agreement, indenture or otherinstrument, and all proceedings in connection with the authorization and theissuance of the bonds shall be conclusively presumed to have been legallytaken and no court shall have authority to inquire into such matters and nosuch contest shall thereafter be instituted.
B. Upon the delivery of any bonds reciting that they are issued pursuant tothis chapter and a resolution or resolutions adopted under this chapter, thebonds shall be conclusively presumed to be fully authorized by all the lawsof the Commonwealth and to have been sold, executed and delivered by theauthority in conformity with such laws, and the validity of the bonds shallnot be questioned by a party plaintiff, a party defendant, the authority, orany other interested party in any court, anything in this chapter or in anyother statutes to the contrary notwithstanding.
