§ 7.03. Limitation on indebtedness.

Latest version.

Except as otherwise provided in §§ 7.07 and 7.08 of this chapter, the city shall not issue bonds or other interest bearing obligations to an amount which, including existing indebtedness, shall, at anytime, exceed ten (10) percent of the assessed valuation of real estate in the city subject to taxation, as shown by the last preceding assessment for taxes; provided, however, that in determining the limitations to the power to incur indebtedness, there shall not be included the classes of indebtedness especially described in Article VII, Section 10 of the Constitution of Virginia.

(Acts 1982, Ch. 76, § 1)

(Acts 1982, Ch. 76, § 1)

                    
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