General Public Finance Corp V. Davis, 36 Ill. App. Three Dimensional 99

General Public Finance Corp V. Davis, 36 Ill. App. Three Dimensional 99

Where décider approval is required from the Constitution of Virginia or maybe the provisions of this section, the bonds shall not really be issued unless the majority of the voters from the district voting within the election held pursuant to §§ 15. upon the question within the area, or in each one of the areas separately, approve the getting of the debt as well as the issuing of the a genuine.

Public Finance

The issuance of the bonds shall be governed by the provisions of this chapter. County may elect to be treated as city for issuing bondsAny county may, upon approval by the affirmative vote of the voters of the county voting in an election on the question, elect to be treated as a city for the purpose of incurring debt and issuing bonds under this chapter. If a county so elects, it will thereafter be subject to all of the benefits and limitations of Article VII, Section 10 of the Constitution of Virginia and all provisions of this chapter relating to bonded indebtedness applicable to municipalities, but in determining the debt limitation for such county under § 15. there shall be included, unless otherwise excluded under Article VII, Section 10 of the Constitution of Virginia, indebtedness of any town or district in that county empowered to levy taxes on real estate. The locality may, in its discretion, retire any notes by means of current revenues, special assessments, or other funds, in lieu of retiring them by the issuance of bonds, provided that the maximum amount of bonds that has been authorized must be reduced by the amount of the notes retired in such manner. Sale of bondsAny locality may sell any bonds authorized under the provisions of this chapter in such manner, either at public or private sale, and for such price as the governing body of the locality may determine.

The court shall grant such extension unless the court is shown by clear and convincing evidence that the extension is not in the best interests of the locality. When any town is situated partly in two or more counties, the certified copy of the resolution or ordinance may be presented to the circuit court for any of the counties and the court shall order an election to be held in the town in accordance with the provisions of §§ 24. 2-601 and 24. 2-681 et seq. Notice of the election in the form prescribed by the court shall be published at least once but not less than ten days before the election in a newspaper published or having general circulation in the locality.

The bonds of 2 or more school areas shall be issued because joint obligations of like school districts. Any college district, or any college districts jointly, shall make up a locality. For the particular purpose of this area, each magisterial district within each county shall make up a school district, but any kind of such school district shall not include a town constituting a separate school district.

The bonds may bear interest payable at such time or times and at such rate or rates as determined by the governing body or in such manner as the governing body may provide, including the determination by reference to indices or formulas or by agents designated by the governing body under guidelines established by it. The governing body may fix the denomination or denominations of the bonds and the place or places of payment. Holding of election; order authorizing bonds; authority of governing bodyThe regular election officers of the locality at the time designated in the order authorizing the vote shall open the polls at the various voting places in the locality and conduct the election in the manner provided by law for other elections.

At the election, each voter may cast his or her vote for or against the bond issue. The votes shall be counted, the returns made and canvassed and the results certified as provided in § 24. 2-681 et seq. If it appears from the returns that a majority of the voters of the locality voting on the question at the election are against the proposed bond issue, an order shall be entered by the court to such effect. If a majority of the voters of the locality voting on the question approve the bond issue, the court shall enter an order to such effect, a copy of which shall be promptly certified by the clerk of the court to the governing body of the locality. The locality may then proceed to prepare, issue and sell its bonds up to the amount so authorized and in doing so shall have all of the powers granted to the locality by this chapter with respect to incurring debt and issuing bonds.

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