Sec. 1. - Issuance, execution and terms of bonds.#

Bonds, within the limits provided by general law, shall be issued by the City of Hopewell upon the affirmative vote in a referendum of voters pursuant to §§ 15.2-2610 and 15.2-2611 of the Code of Virginia of 1950, as amended.

(Acts 1986, Ch. 17, § 1; Acts 2009, Ch. 484, § 1)

Sec. 2. - [Exemption.]#

The following bonds shall be exempted from the requirement to be approved by a referendum of voters:

(i) Bonds issued for the construction, improvement, expansion, or replacement of existing public buildings or facilities. The city may replace existing buildings or facilities on an alternative site;

(ii) Bonds not exceeding $10 million, as adjusted for inflation based upon increases in the annual All Items Consumer Price Index for Urban Consumers, as published by the U.S. Bureau of Labor Statistics, issued for economic development purposes as determined by the city council;

(iii) Revenue bonds;

(iv) Refunding bonds; and

(v) Tax and revenue anticipation obligations that mature within one year from the date of their issue.

Such bonds so exempted may be issued upon an affirmative vote of a majority of all members of city council.

(Acts 2009, Ch. 484, § 1; Acts 2020, Chs. 596, 608)

Sec. 3. - [Issuance, execution, and terms.]#

The issuance, execution and terms of such bonds shall be governed by Chapter 26 (§ 15.2-2600 et seq.) of Title 15.2, of the Code of Virginia of 1950, as amended.

(Acts 2009, Ch. 484, § 1)