15.2-2602 - Definitions.
§ 15.2-2602. Definitions.
As used in this chapter, the following words and terms have the followingmeanings, unless some other meaning is plainly intended:
"Bonds" mean any obligations of a locality for the payment of money.
"Cost" as applied to any project or to extensions or additions to anyproject, includes the purchase price of any project acquired by the localityor the cost of acquiring all of the capital stock of the corporation owningthe project and the amount to be paid to discharge any obligations in orderto vest title to the project or any part of it in the locality, the cost ofimprovements, property or equipment, the cost of construction orreconstruction, the cost of all labor, materials, machinery and equipment,the cost of all land, property, rights, easements and franchises acquired,financing charges, interest before and during construction and for up to oneyear after completion of construction, start-up costs and operating capital,the cost of plans and specifications, surveys and estimates of cost and ofrevenues, the cost of engineering, legal and other professional services,expenses incident to determining the feasibility or practicability of theproject, payments by a locality of its share of the cost of anymulti-jurisdictional project, administrative expense, any amounts to bedeposited to reserve or replacement funds, and other expenses as may benecessary or incident to the financing of the project. Any obligation orexpense incurred by the locality in connection with any of the foregoingitems of cost may be regarded as a part of the cost and reimbursed to thelocality out of the proceeds of bonds issued to finance the project.
"General obligation bonds" mean the bonds of a locality for the payment ofwhich the locality is required to levy ad valorem taxes, including anyobligations which may be additionally secured by a pledge of revenues,special assessments or funds derived from any other source.
"Governing body" means the board of supervisors, council, or other locallegislative body, board, commission or authority having charge of thefinances of any locality, and when the separate concurrence or approval oftwo or more sets of authorities is required by law for the making ofappropriations, to the extent so required "governing body" includes both orall of them.
"Project" means any public improvement, property or undertaking for whichthe locality is authorized by law to appropriate money, except for currentexpenses, and specific undertakings from which the locality may deriverevenues (sometimes called "revenue-producing undertakings") including,without limitation, water, sewer, sewage disposal, and garbage and refusecollection and disposal systems and facilities as defined in § 15.2-5101,recycling facilities, facilities for the production of energy from waste,gasworks, electric light and other lighting systems, airports, off-streetparking facilities, and facilities for public transit or transportationsystems.
"Revenue bonds" mean bonds of a locality for which only the specifiedrevenues of the locality are pledged and to which no ad valorem or othertaxes of the locality are pledged, including, without limitation bonds of alocality for which only the revenues of a revenue producing undertaking orundertakings, or such revenues together with a mortgage or deed of trust lienon the undertaking or undertakings, are pledged to their payment.
(Code 1950, § 15-666.15; 1958, c. 640; 1962, c. 623, § 15.1-172; 1970, c.268; 1973, c. 513; 1991, c. 668, § 15.1-227.3; 1997, c. 587.)