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2001 SESSION

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SJ 366 Constitutional amendment; county borrowing authority.

Introduced by: Kevin G. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); county borrowing authority. Amends § 10 of Article VII of the Virginia Constitution to grant counties the same borrowing authority as cities and towns. The primary changes are to (i) apply a ceiling of 10 percent of assessed real estate valuation to county borrowing and (ii) eliminate the requirement of a voter referendum that currently applies to most county bond issues.


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