2006 Code of Virginia § 33.1-333 - Redemption of such bonds

33.1-333. Redemption of such bonds.

If the majority of the voters of the district, voting at such election, shallvote in favor of the redemption of the bonds prior to their maturity, thecourt shall direct its clerk to notify all the holders of the bonds, as faras they may be ascertained, whose names are not already among those whopetition for the election, to communicate in writing to the clerk, withinthirty days, whether or not they wish the bonds which they hold to beredeemed prior to their maturity. The clerk shall communicate to the chairmanof the board of supervisors or other governing body of the county the names,number and amount of bonds, the holders of which have consented to have themredeemed prior to their maturity; and the board of supervisors or othergoverning body in making up its next levy shall provide for sufficient taxesupon the property of the residents of the district to redeem the bonds withinthree years. As the accumulations from the several levies shall accrue thetreasurer of the county shall redeem the bonds, in the order of theirpresentation, and cancel and retire the same.

(Code 1950, 33-268; 1970, c. 322.)