33.1-330 - Payment; refunding issue.
§ 33.1-330. Payment; refunding issue.
If a majority of the voters at the election vote in favor of the assumptionof such indebtedness, the board of county supervisors may appropriate anypart or all of the surplus in the general funds of the county, not otherwiseappropriated, toward payment of the indebtedness assumed; and the board maylikewise issue new bonds of the county at the same or a lower rate ofinterest for such amount as may then be necessary to retire outstanding bondsof the districts, and thereafter the board of county supervisors shallprovide for the imposition and collection annually of a tax in addition toall other taxes on property subject to local taxation and not exempt from thelevy of taxes formerly levied for the payment of bonds refunded, sufficientin amount to pay the interest on such bonds and the principal thereof, as thesame respectively become due, notwithstanding any tax rate limitations whichwould otherwise be applicable to the levy of such taxes. Such tax shall belevied and collected by the same officers, at the same time and in the samemanner as general taxes of the county.
The sale of such bonds, deposit of proceeds, security for deposits,provisions for sinking funds and expenses of authorization and issuance shallbe in accordance with the provisions of general law except that the taxes forthe payment of such bonds, principal and interest, shall be uniformly leviedthroughout the county. The refunding bonds may be issued at any time withinthree years prior to the date of maturity, or the optional redemption date,of the bonds to be refunded, and the proceeds of the sale of such refundingbonds shall be invested in obligations of the United States of Americamaturing or redeemable at the option of the holder, not later than the dateof maturity or the optional redemption date of the bonds to be refunded.
(Code 1950, § 33-265; 1970, c. 322.)