Public Financing Act

In spite of anything in this area towards the contrary, any referendum requirement of the issuance associated with bonds or debt restriction found in any charter or even local or special take action shall control over the particular provisions of the chapter right after July 1, 1992. Procedures of chapter controlling; capabilities conferred are additionalInsofar because the provisions of the section are inconsistent using the procedures of any law, the particular provisions of this section shall be controlling. The particular powers conferred by this particular chapter have been in addition in order to the powers conferred simply by any other law. A genuine may be issued below this chapter for any kind of permitted purpose notwithstanding that will any other law might provide for the issuance of bonds for such as purposes and without respect towards the requirements, restrictions or even other provisions contained within any other law. A genuine may be issued below this chapter notwithstanding any kind of debt or other restriction prescribed by any some other law.

The owners regarding the bonds behind on their mortgage, or perhaps the paying agent for your bonds, at the moment of payment or from the time of each and every payment shall receipt regarding the payment and supply to the Comptroller just about all bonds and interest discount coupons or assignments, in a new form satisfactory to the Comptroller, of the right to receive the principal or interest satisfied by the payment. The Comptroller shall report each payment made to the governing body of the defaulting locality and deliver or send by registered mail to the governing body all bonds, interest coupons, and assignments received by the Comptroller under the provisions of this section. For bonds which are not authorized pursuant to a referendum, or for which the authorizing resolution or ordinance is not required to be filed with the circuit court, the contestant shall proceed by filing a motion for judgment within thirty days after the adoption of the authorizing resolution or ordinance. The date fixed for the hearing shall not be sooner than ten days after the date the second publication of the motion for judgment or summary and the order appears in the newspaper. In addition to such publication, the plaintiff shall secure personal service on at least one member of the governing body of the issuer.

Public Finance

and 15. 2-2635, no municipality may issue any bonds or other interest-bearing indebtedness which, including existing indebtedness, at any time exceeds ten percent of the assessed valuation of the real estate in the municipality subject to taxation, as shown by the last preceding assessment for taxes. in the year in which the transition takes place, and which does or would constitute credit against the amount of the assumption of county indebtedness by the city pursuant to § 15. 2-3829. Loans in anticipation of federal and state fundsAny locality may borrow money and issue its notes in advance of grants and reimbursements due the locality from the federal or state government for the purpose of meeting appropriations made for the then fiscal year.

Expenses of authorization and issuance; agent to assist in refunding transactionThe governing body may authorize the payment by any locality of all expenses reasonably incurred by it in connection with the authorization and issuance of refunding bonds. The governing body may appoint or retain an agent for the purpose of assisting it in the refunding transaction and in obtaining the surrender of its outstanding bonds and may pay a fee to the agent as it may consider proper.

Whenever the fiscal agent for any locality pays in full any bonds representing an obligation of the locality, the fiscal agent may, by agreement with the locality, destroy the bond and certify the facts of the payment and destruction to the treasurer or director of finance, as the case may be, of the locality. Investment of proceeds pending application to authorized purposePending the application of the proceeds of any bonds authorized under the provisions of this chapter to the purpose or purposes for which the bonds have been authorized, all or any part of the proceeds may be invested, in accordance with Chapter 45 (§ 2. et seq. ) of Title 2 . 2. Form and manner of execution; signature of person ceasing to be officerThe governing body shall determine the form and the manner of execution of bonds. Any bonds issued under the provisions of this chapter, and any bonds previously or hereafter authorized to be issued by any locality under the provisions of any general or special law, if so authorized by the governing body of the locality, may bear or be executed with the facsimile signature of any official authorized to sign or execute them. If any law provides for the sealing of bonds with the official or corporate seal of the locality or of its governing body, a facsimile of the seal may be imprinted on the bonds, if so authorized by the governing body of the locality, and it will not be necessary in such case to impress the seal physically on the bonds. Bonds for revenue-producing undertakingsThe governing body of any locality may, in accordance with the provisions of Article VII, Section 10 of the Constitution of Virginia, issue bonds for any revenue-producing undertaking.

Any notes may be extended or refinanced from time to time, provided that no extension or refinancing matures later than five years from the date of the original issuance of the notes. Any escrow fund established pursuant to this section shall be irrevocably pledged to the payment of the bonds to be defeased and shall be used solely to pay such bonds at maturity or upon earlier redemption. It is the intent that any escrow fund established pursuant to this section shall constitute a special fund for the payment of the defeased bonds and that the defeased bonds shall not be included for the purpose of determining any limitation upon the amount of indebtedness of the locality which is imposed by law. For accounting purposes, every such certification which appears on its face to have complied with the requirements of this section shall constitute sufficient evidence of the facts set forth in it.

“Grants” means grants which the locality has been formally advised in writing it will receive and “reimbursements” means money which either the federal or state government is obligated to pay the locality on account of expenditures made in anticipation of receiving the payment from the federal or state government. The locality may borrow the full amount of the grant or reimbursement that the federal or state government is obligated to pay at the time the notes are issued. The notes shall be repaid by the earlier of thirty days after the grant or reimbursement is received or one year from the date of their issuance. The notes shall mature and be paid within five years of the date of their original issuance.

The mode plus way of procedure for the particular issuance of bonds below this chapter need not really conform to the procedures of any other legislation. The Governor shall, mainly because soon as practicable, provide notice of the arrears and of the accessibility of funds with the particular paying agent or along with the Comptroller by distribution one time in the daily newspaper of common circulation within the City associated with Richmond and in the situation of registered bonds, by simply mail, to the signed up owners of the an actual. The cost of typically the publication and mailing should be a further charge in opposition to the funds in typically the hands of the Comptroller payable to the area. Any payment so manufactured by the Comptroller to be able to the owners in the an actual in default, or to be able to the paying agent regarding the bonds, shall end up being credited as if manufactured directly by the area and shall be recharged by the Comptroller in opposition to the first appropriations in any other case payable to the area like paid to typically the locality.