Code of Virginia
Chapter 26 - Public Finance Act
§ 15.2-2657. Decree validating bonds binding and conclusive

In the event the decree of the court validates the bonds and no appeal is taken within the time prescribed in § 15.2-2656, or if an appeal is taken and the decree of the court is affirmed, the decree shall be forever binding and conclusive as to the validity of the bonds, the validity of the tax or other means provided for the payment of the bonds, and the validity of all pledges of revenues and of all covenants and provisions contained in any ordinance, resolution, trust agreement, indenture, or other instrument authorizing or providing for the issuance of the bonds, the legality of proceedings taken in connection with the issuance of the bonds, and all matters adjudicated and all objections presented or which might have been presented in the proceeding, and shall constitute a permanent injunction against the institution by any person of any action or proceeding contesting the validity of the bonds or any other matter adjudicated or which might have been called in question in such proceedings.
Code 1950, § 15-666.61; 1958, c. 640; 1962, c. 623, § 15.1-220; 1991, c. 668, § 15.1-227.59; 1997, c. 587.

Structure Code of Virginia

Code of Virginia

Title 15.2 - Counties, Cities and Towns

Chapter 26 - Public Finance Act

§ 15.2-2600. Short title

§ 15.2-2601. Chapter not to affect general, special and local acts and charters under which bonds are issued or validated

§ 15.2-2602. Definitions

§ 15.2-2603. Disposition of unclaimed funds due on matured bonds or coupons

§ 15.2-2604. Powers generally

§ 15.2-2605. Collection of rents and charges; liens on real estate; discharge and enforcement of liens

§ 15.2-2606. Public hearing before issuance of bonds

§ 15.2-2607. Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court

§ 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

§ 15.2-2617. Sale of 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

§ 15.2-2644. Issuance or exchange for indebtedness to be retired; sale and disposition of proceeds; rights of owners

§ 15.2-2645. Amount of bonds

§ 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

§ 15.2-2653. Contesting issuance of bonds; notice and hearing; service on member of governing body, etc.

§ 15.2-2654. Reply by party defendant; intervention by interested parties; determination of questions; orders; precedence over other business

§ 15.2-2655. Consolidation of actions or proceedings

§ 15.2-2656. Appeals

§ 15.2-2657. Decree validating bonds binding and conclusive

§ 15.2-2658. Bonds invalidated only for substantial defects, etc.; matters of form disregarded

§ 15.2-2659. Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; payment of funds withheld; receipts, reports, etc.; magisterial and school district defaults included

§ 15.2-2660. Bonds not affected by project undertaken

§ 15.2-2661. Provisions of chapter controlling; powers conferred are additional

§ 15.2-2662. Validation of bonds

§ 15.2-2663. Transition