Virginia, USA, local Obligatory referendum [LOR] - Debt

General Typology

Instrument
Obligatory referendum [LOR]
Location
Virginia, USA
Political level
local
Local Name:
Debt
Normative Level:
constitutional
Legally Binding:
yes
Legally Defined:

Article VII
Section 10. Debt.
(2) Bonds pledging the full faith and credit of such city or town authorized by an ordinance enacted in accordance with Section 7, and approved by the affirmative vote of the qualified voters of the city or town voting upon the question of their issuance, for a supply of water or other specific undertaking from which the city or town may derive a revenue; but from and after a period to be determined by the governing body not exceeding five years from the date of such election, whenever and for so long as such undertaking fails to produce sufficient revenue to pay for cost of operation and administration (including interest on bonds issued therefor), the cost of insurance against loss by injury to persons or property, and an annual amount to be placed into a sinking fund sufficient to pay the bonds at or before maturity, all outstanding bonds issued on account of such undertaking shall be included in determining such limitation.
(4) Contract obligations of a city or town to provide payments over a period of more than one year to any publicly owned or controlled regional project, if the project has been authorized by an interstate compact or if the General Assembly by general law or special act has authorized an exclusion for such project purposes.
(b) No debt shall be contracted by or on behalf of any county or district thereof or by or on behalf of any regional government or district thereof except by authority conferred by the General Assembly by general law. The General Assembly shall not authorize any such debt, except the classes described in paragraphs (1) and (3) of subsection (a), refunding bonds, and bonds issued, with the consent of the school board and the governing body of the county, by or on behalf of a county or district thereof for capital projects for school purposes and sold to the Literary Fund, the Virginia Supplemental Retirement System, or other State agency prescribed by law, unless in the general law authorizing the same, provision be made for submission to the qualified voters of the county or district thereof or the region or district thereof, as the case may be, for approval or rejection by a majority vote of the qualified voters voting in an election on the question of contracting such debt. Such approval shall be a prerequisite to contracting such debt.
Any county may, upon approval by the affirmative vote of the qualified voters of the county voting in an election on the question, elect to be treated as a city for the purposes of issuing its bonds under this section. If a county so elects, it shall thereafter be subject to all of the benefits and limitations of this section applicable to cities, but in determining the limitation for a county there shall be included, unless otherwise excluded under this section, indebtedness of any town or district in that county empowered to levy taxes on real estate.

References: Constitution of Virginia, 1971 (accessed Oct. 18, 2021)

Subject Matter:

To authorize bonds for city or town; debts of certain classes;

Actors

Author:
Legislature
Initiator:
Law
Decision maker:
Electorate

Requirements

Available Time:
Turnout Quorum:
No turnout quorum found in legal source
Approval Quorum:
Majority vote of the qualified voters voting
Geographical Quorum:
No special geographical quorum found in legal source
Excluded Issues:
Other Formal Requirements:

Procedural Elements

Wording Of Ballot Question:
Interaction With Authorities:
Supervision And Support:
Transparency And Finance:

Practice

Archive:
Remarks: