When serial bonds have been issued, the net revenue derived from the operation of such systems shall be applied to pay the interest on and the principal of such serial bonds as the same become due, but no sinking fund shall be required in respect of serial bonds.
The board shall, if necessary, levy an annual tax upon all property in such sanitary district, subject to local taxation, to pay such principal and interest as shall annually become due for payment. In the event net revenue exceeds the annual principal and interest due thereon, the board may use such net revenue for extensions and additions to the system, purchase and retirement of outstanding bonds of the district, or for any other lawful purpose consistent therewith.
1972, c. 236.
Structure Code of Virginia
Title 21 - Drainage, Soil Conservation, Sanitation and Public Facilities Districts
Chapter 2 - Sanitary Districts
§ 21-113. Creation; inclusion of town in new or enlarged district
§ 21-114. Hearing and notice thereof
§ 21-116. Enlargement of sanitary districts
§ 21-116.1. Alteration of boundaries or reduction of area of sanitary districts in certain counties
§ 21-117. Merger of sanitary districts
§ 21-117.1. Abolishing sanitary districts
§ 21-118. Powers and duties of governing body
§ 21-118.1. Authority to acquire property from United States or any agency thereof
§ 21-118.2. Certain counties authorized to use sanitary district funds for certain purposes
§ 21-118.3. Levy and expenditure of taxes in certain counties; validation of expenditures
§ 21-118.4. Certain additional powers of governing body
§ 21-118.6. Same; application of revenues; tax levy where revenues insufficient
§ 21-118.7. Same; payment to county of revenues held by district
§ 21-118.8. Same; ratification of prior agreements
§ 21-119.1. Transfer of certain sanitary districts to towns
§ 21-120. In certain cities and counties
§ 21-121. Validation of proceedings
§ 21-121.1. Further validation of proceedings
§ 21-121.2. Additional validation of proceedings
§ 21-121.2:1. Same; bond issues
§ 21-121.3. Powers of districts created under other laws
§ 21-121.5. Validation of certain actions
§ 21-121.6. Sanitary districts in certain counties with a water and sewer authority
§ 21-122. Authority to issue bonds; limitation of amount
§ 21-122.1. Bonds for special purpose; no election required
§ 21-123. Order requiring election
§ 21-124. Conduct of election; canvass of returns, etc.
§ 21-125. Procedure after election
§ 21-126. Inquiry into election and returns
§ 21-127.1. Borrowing in anticipation of bond issue
§ 21-128. Failure or refusal to issue bonds
§ 21-129. Agents for sale of bonds
§ 21-130.1. Bonds mutilated, lost or destroyed
§ 21-131. Delivery to treasurer
§ 21-132. Liability of treasurer
§ 21-133. Cost of giving surety on additional bond or bonds required
§ 21-134.01. Allocation of county funds to sanitary districts
§ 21-134.1. Reimbursement of county for advances to sanitary district
§ 21-134.2. Validation of advances to sanitary district
§ 21-135. Insolvency of depository
§ 21-139. Laws continued in effect
§ 21-140. Validation of proceedings
§ 21-140.1. Further validation of proceedings