2006 Code of Virginia § 15.2-951 - Acquisition, disposition and use of personal property by localities generally

15.2-951. Acquisition, disposition and use of personal property bylocalities generally.

Localities, for the purposes of exercising any of their powers and duties andperforming any of their functions, may acquire by gift, bequest, purchase,lease, or installment purchase contract; and may own and make use of and maygrant security interests in, sell and otherwise dispose of, within andoutside the localities, personal property, including any interest, right orestate therein. In addition, localities may sell and otherwise dispose ofsurplus materials, as defined in 2.2-1124, by public sale or auction,including online public auction, provided that such sale or auction conformswith the procedures set forth in subdivisions B 3 through B 5 and subdivisionB 8 of 2.2-1124. In any instance where personal property in any of thefollowing categories: school or transit bus fleet, vehicle fleet, or roadconstruction equipment is sold with the intent to lease back the property,when the value of the proposed sale amount exceeds $2,000,000 approval by thegoverning body, after notice and a public hearing, shall be required. Thepublic hearing shall be advertised once in a newspaper having generalcirculation in the locality at least seven days prior to the date set for thehearing. Any debt incurred by a municipality pursuant to the provisions ofthis section shall be subject to the limitations imposed by Article VII,Section 10 of the Constitution of Virginia.

(1986, c. 573, 15.1-526.4; 1988, c. 810; 1989, c. 340, 15.1-29.17; 1997,c. 587; 2005, c. 531; 2006, cc. 468, 493.)