Virginia § 21-137.2 - Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues
Full text of Virginia Code of Virginia § 21-137.2 — Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues, with citation guidance and answers to common questions.
§ 21-137.2. Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues
When serial bonds have been issued, the net revenue derived from the operation of such systems shall be applied to pay the interest on and the principal of such serial bonds as the same become due, but no sinking fund shall be required in respect of serial bonds.
The board shall, if necessary, levy an annual tax upon all property in such sanitary district, subject to local taxation, to pay such principal and interest as shall annually become due for payment. In the event net revenue exceeds the annual principal and interest due thereon, the board may use such net revenue for extensions and additions to the system, purchase and retirement of outstanding bonds of the district, or for any other lawful purpose consistent therewith.
1972, c. 236.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 21-137.2
What does Code of Virginia § 21-137.2 cover?
Section 21-137.2 ("Payment of interest on serial bonds; no sinking fund required; tax levy; use of excess revenues") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 21-137.2?
A common citation format is "Code of Virginia § 21-137.2" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 21-137.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.