Local Government Debt
Amends
Article VII. Local Government
Section 10. Debt
Summary
This measure reduces the amount of allowable debt for local governments.
Shall Section 10 of Article VII of the Constitution of Virginia be amended to decrease the maximum indebtedness a city or town may incur?
- First resolution – HJR323 – 1979
- Second resolution – SJR29 – 1980
- Referendum legislation – S172 – 1980
Article VII. Local Government
Section 10. Debt
(a) No city or town shall issue any bonds or other interest-bearing obligations which, including existing indebtedness, shall at any time exceed eighteen ten per centum of the assessed valuation of the real estate in the city or town subject to taxation, as shown by the last preceding assessment for taxes. In determining the limitation for a city or town there shall not be included the following classes of indebtedness:
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https://law.lis.virginia.gov/constitution/article7/section10/
