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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 33.2. Highways and Other Surface Transportation Systems |
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SUBTITLE IV. Local and Regional Transportation |
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CHAPTER 35. Commuter Rail Operating and Capital Fund |
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SECTION 33.2-3502. (For contingent effective date, see Acts 2018, cc. 854 and 856) Authority to issue bonds |
SECTION 33.2-3502. (For contingent effective date, see Acts 2018, cc. 854 and 856) Authority to issue bonds
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The transportation districts described in subsection B of § 33.2-3500 may issue bonds and other evidences of debt as may be authorized by this section or other law. The provisions of Article 5 (§ 33.2-3500 et seq.) of Chapter 19 shall apply, mutatis mutandis, to the issuance of such bonds or other debt. The Authority may issue bonds or other debt in such amounts as it deems appropriate. The bonds may be supported by any funds available in the Fund, provided that the total amount of debt service for all outstanding bonds may not exceed 66 percent of the revenues dedicated to the Fund pursuant to § 33.2-3500 . |