CHAPTER 496
An Act to amend and reenact § 15-666.41 of the Code of Virginia, relating
to the dating, rate of interest, maturity, denomination and place of
payment of bonds under the Public Finance Act of 1958. ‘HE 4613
Approved March 31, 1962
Be it enacted by the General Assembly of Virginia:
1. ; ea § 15-666.41 of the Code of Virginia be amended and reenacted,
as follows:
§ 15-666.41. The bonds of each issue shall be dated, shall bear inter-
est at such rate or rates not exceeding six per centum (6%) per annum,
shall mature at such time or times not exceeding * forty years from their
date or dates, as may be determined by the governing body, and may be
made redeemable before maturity, at the option of the unit, at such price
or prices and under such terms and conditions as may be fixed by the
governing body prior to the issuance of the bonds. The governing body
shall fix the denomination or denominations of the bonds and the place
or places of payment of principal and interest, in conformity with their
charter in the case of municipalities and general law in the case of
counties. |