15.2-5126 - Time for contesting validity of proposed bond issue; when bonds presumed valid.
§ 15.2-5126. Time for contesting validity of proposed bond issue; when bondspresumed valid.
For a period of thirty days after the date of the filing with the circuitcourt having jurisdiction over any of the political subdivisions which aremembers of the authority a certified copy of the initial resolution of theauthority authorizing the issuance of bonds, any person in interest maycontest the validity of the bonds, the rates, fees and other charges for theservices and facilities furnished by, for the use of, or in connection with,any water or waste system or, for authorities created under Article 6 (§15.2-5152 et seq.) of this chapter, such other facilities which may beprovided by the authority under § 15.2-5158, the pledge of the revenues ofany water or waste system, or any combination of any thereof or, forauthorities created under Article 6 of this chapter, such other facilitieswhich may be provided by the authority under § 15.2-5158, any provisionswhich may be recited in any resolution, trust agreement, indenture or otherinstrument authorizing the issuance of bonds, or any matter contained in,provided for or done or to be done pursuant to the foregoing. If such contestis not given within the thirty-day period, the authority to issue the bonds,the validity of the pledge of revenues necessary to pay the bonds, thevalidity of any other provision contained in the resolution, trust agreement,indenture or other instrument, and all proceedings in connection with theauthorization and the issuance of the bonds shall be conclusively presumed tohave been legally taken and no court shall have authority to inquire intosuch matters and no such contest shall thereafter be instituted.
Upon the delivery of any bonds reciting that they are issued pursuant to thischapter and a resolution or resolutions adopted under this chapter, the bondsshall be conclusively presumed to be fully authorized by all the laws of theCommonwealth and to have been sold, executed and delivered by the authorityin conformity with such laws, and the validity of the bonds shall not bequestioned by a party plaintiff, a party defendant, the authority, or anyother interested party in any court, anything in this chapter or in any otherstatutes to the contrary notwithstanding.
(1997, c. 587.)