22.1-161.2 - Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds.
§ 22.1-161.2. Resolution by school board; approval or rejection by governingbody; indebtedness evidenced by bonds.
Whenever a school board desires to contract with the Board of Trustees of theVirginia Retirement System to borrow money for capital projects for schoolpurposes, it shall adopt a resolution setting forth the purpose for which itis desired to borrow the money and the amount of such proposed borrowing.Such resolution shall be entered in the minutes of the school board, and acopy of the same, certified by the clerk of the school board, shall besubmitted by the school board to the governing body of the county, city ortown for its approval or rejection. If the governing body approves theresolution, it shall enter its approval in its minutes, and the school boardmay then endeavor to negotiate an agreement with the Board of Trustees of theVirginia Retirement System for the borrowing of such money. If agreement isreached, the question of borrowing such money on the terms agreed upon by theschool board and the Board of Trustees of the Virginia Retirement Systemshall again be submitted to the governing body of the county, city or townfor its approval or rejection. If the governing body approves the terms ofthe agreement, it shall enter its approval in its minutes, and the schoolboard may then, by resolution entered in its minutes, provide for theissuance of negotiable bonds evidencing the indebtedness for sale to theVirginia Retirement System. Such bonds shall be issued in conformity with theprovisions of this chapter.
(1995, c. 250.)