15.2-2630 - Loans in anticipation of federal and state funds.
§ 15.2-2630. Loans in anticipation of federal and state funds.
Any locality may borrow money and issue its notes in advance of grants andreimbursements due the locality from the federal or state government for thepurpose of meeting appropriations made for the then fiscal year. "Grants"means grants which the locality has been formally advised in writing it willreceive and "reimbursements" means money which either the federal or stategovernment is obligated to pay the locality on account of expenditures madein anticipation of receiving the payment from the federal or stategovernment. The locality may borrow the full amount of the grant orreimbursement that the federal or state government is obligated to pay at thetime the notes are issued. The notes shall be repaid by the earlier of thirtydays after the grant or reimbursement is received or one year from the dateof their issuance.
(1991, c. 668, § 15.1-227.31; 1997, c. 587.)