2006 Code of Virginia § 22.1-161.3 - Issuance of bonds; procedure; form and requirements

22.1-161.3. Issuance of bonds; procedure; form and requirements.

Such bonds shall be issued by the school board in the name of the county,city or town. For the payment of the principal of and the interest on suchbonds, the full faith and credit of the county, city or town shall bepledged. The bonds shall be signed by the chairman of the school board andcountersigned by the clerk thereof, but the bonds may bear or be executedwith the facsimile signature of one of such officials, and in the case ofcoupon bonds, the coupons may bear the facsimile signatures of both of suchofficials; the bonds shall be under the seal of the school board, but in lieuof impressing such seal physically upon such bonds, a facsimile of such sealmay be imprinted on the bonds if so authorized by the school board. The bondsshall be in the denomination or denominations of not less than $1,000 each;they may be in coupon or registered form, or both, as may be agreed upon bythe school board and the Board of Trustees of the Virginia Retirement System;they shall bear interest at the agreed rate or rates, and such interest shallbe payable semiannually; they shall be serial bonds with maturities andamounts as agreed upon but the first maturity date shall not be longer thantwo years from the date of such bonds and the maximum maturity date shall notbe longer than thirty years from the date of such bonds. The place or placesof payment of principal and interest shall be as agreed upon by the schoolboard and the Board of Trustees of the Virginia Retirement System. In caseany officer whose signature or a facsimile thereof shall appear on any bondor coupon shall cease to be such officer before the delivery of such bond,the signature or facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery, andany bond may bear the signature of a person who at the actual time of theexecution of such bond shall be the proper officer to sign the bond althoughat the date of the bond, the person may not have been such officer.

(1995, c. 250.)