For a period of thirty days after the date of the filing with the circuit court having jurisdiction over the locality of a certified copy of the initial ordinance or resolution of the governing body of the locality authorizing the issuance of bonds, any person in interest has the right to contest the validity of the bonds, the taxes to be levied for the payment of the bonds, the rates, rents, fees and other charges for the services and facilities furnished by, for the use of, or in connection with, any revenue-producing undertaking, the pledge of the revenues of any revenue-producing undertaking, any provisions which may be recited in any ordinance, resolution, trust agreement, indenture or other instrument authorizing the issuance of bonds, or any matter contained in, provided for or done or to be done pursuant to the foregoing. If such contest is not begun within the thirty-day period, the authority to issue the bonds, the validity of the taxes or the pledge of revenues necessary to pay the bonds, the validity of any other provision contained in the ordinance, resolution, trust agreement, indenture or other instrument, and all proceedings in connection with the authorization and the issuance of the bonds shall be conclusively presumed to have been legally taken and no court shall have authority to inquire into such matters and no such contest shall thereafter be instituted.
Upon the delivery of any bonds reciting that they are issued pursuant to this chapter and an election held or ordinance or resolution adopted under this chapter, the bonds shall be conclusively presumed to be fully authorized by all the laws of the Commonwealth and to have been sold, executed and delivered by the locality in conformity with such laws, and the validity of the bonds shall not be questioned by a party plaintiff, a party defendant, the locality, any taxpayer of the locality, or any other interested party in any court, anything in this chapter or in any other statutes to the contrary notwithstanding.
Code 1950, § 15-666.53; 1958, c. 640; 1962, c. 623, § 15.1-212; 1991, c. 668, § 15.1-227.28; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 26 - Public Finance Act
§ 15.2-2603. Disposition of unclaimed funds due on matured bonds or coupons
§ 15.2-2606. Public hearing before issuance of bonds
§ 15.2-2608. Bonds for revenue-producing undertakings
§ 15.2-2609. Covenants relating to issuance of revenue bonds
§ 15.2-2610. Request for referendum filed with court; order for election; notice
§ 15.2-2611. Holding of election; order authorizing bonds; authority of governing body
§ 15.2-2612. Dating; rate of interest; maturity; denomination; place of payment
§ 15.2-2613. Form and manner of execution; signature of person ceasing to be officer
§ 15.2-2614. Bearer, registered or book entry form
§ 15.2-2615. Bonds deemed negotiable instruments
§ 15.2-2616. Interim receipts or temporary bonds exchangeable for definitive bonds
§ 15.2-2618. Disposition of proceeds; separate fund
§ 15.2-2619. Investment of proceeds pending application to authorized purpose
§ 15.2-2620. Bonds made legal investments
§ 15.2-2621. Bonds mutilated, lost or destroyed
§ 15.2-2622. Destruction of bonds and coupons after payment in full
§ 15.2-2623. Defeasance of indebtedness; rights of owners
§ 15.2-2624. Tax to pay principal and interest
§ 15.2-2625. Deposit of funds; security; investment of funds
§ 15.2-2626. Contracts concerning interest rates, currency, cash flow or other basis
§ 15.2-2627. Time for contesting validity of proposed bond issue; when bonds presumed valid
§ 15.2-2628. Notes in anticipation of bond issue
§ 15.2-2629. Loans to meet appropriations for current year
§ 15.2-2630. Loans in anticipation of federal and state funds
§ 15.2-2631. Terms of temporary loans
§ 15.2-2632. Certain debts that may be contracted by city on transition from town
§ 15.2-2633. Borrowing by certain cities to pay expenses
§ 15.2-2634. Limitation on amount of outstanding bonds
§ 15.2-2635. What indebtedness not included in determining limitation
§ 15.2-2636. Ordinance or resolution to provide for issue of bonds
§ 15.2-2637. Danville to incur indebtedness only in accordance with charter
§ 15.2-2638. Powers of counties generally; approval of voters required
§ 15.2-2639. County may elect to be treated as city for issuing bonds
§ 15.2-2640. Resolution for bond issue; contents; request for bonds for school purposes
§ 15.2-2641. Subsequent resolutions
§ 15.2-2642. School district bonds
§ 15.2-2643. Authority for issuance; resolutions or ordinances
§ 15.2-2646. Participation in funds donated by the Commonwealth
§ 15.2-2647. Expenses of authorization and issuance; agent to assist in refunding transaction
§ 15.2-2648. Purchase in open market
§ 15.2-2649. District refunding bonds
§ 15.2-2650. Article controlling as to proceedings involving validity
§ 15.2-2651. Proceeding by political subdivision to establish validity; procedure; parties defendant
§ 15.2-2652. Service by publication of motion for judgment; parties defendant
§ 15.2-2655. Consolidation of actions or proceedings
§ 15.2-2657. Decree validating bonds binding and conclusive
§ 15.2-2658. Bonds invalidated only for substantial defects, etc.; matters of form disregarded
§ 15.2-2660. Bonds not affected by project undertaken
§ 15.2-2661. Provisions of chapter controlling; powers conferred are additional