{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/22.1-161.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/22.1-161.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/22.1-161.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/22.1-161.2.html"}],"law_id":354275,"edition_id":2,"section_id":354275,"structure_id":50698,"section_number":"22.1-161.2","catch_line":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","history":"1995, c. 250.","full_text":"Whenever a school board desires to contract with the Board of Trustees of the Virginia Retirement System to borrow money for capital projects for school purposes, it shall adopt a resolution setting forth the purpose for which it is desired to borrow the money and the amount of such proposed borrowing. Such resolution shall be entered in the minutes of the school board, and a copy of the same, certified by the clerk of the school board, shall be submitted by the school board to the governing body of the county, city or town for its approval or rejection. If the governing body approves the resolution, it shall enter its approval in its minutes, and the school board may then endeavor to negotiate an agreement with the Board of Trustees of the Virginia Retirement System for the borrowing of such money. If agreement is reached, the question of borrowing such money on the terms agreed upon by the school board and the Board of Trustees of the Virginia Retirement System shall again be submitted to the governing body of the county, city or town for its approval or rejection. If the governing body approves the terms of the agreement, it shall enter its approval in its minutes, and the school board may then, by resolution entered in its minutes, provide for the issuance of negotiable bonds evidencing the indebtedness for sale to the Virginia Retirement System. Such bonds shall be issued in conformity with the provisions of this chapter.\n\n","order_by":null,"text":{"0":{"id":1318888,"text":"Whenever a school board desires to contract with the Board of Trustees of the Virginia Retirement System to borrow money for capital projects for school purposes, it shall adopt a resolution setting forth the purpose for which it is desired to borrow the money and the amount of such proposed borrowing. Such resolution shall be entered in the minutes of the school board, and a copy of the same, certified by the clerk of the school board, shall be submitted by the school board to the governing body of the county, city or town for its approval or rejection. If the governing body approves the resolution, it shall enter its approval in its minutes, and the school board may then endeavor to negotiate an agreement with the Board of Trustees of the Virginia Retirement System for the borrowing of such money. If agreement is reached, the question of borrowing such money on the terms agreed upon by the school board and the Board of Trustees of the Virginia Retirement System shall again be submitted to the governing body of the county, city or town for its approval or rejection. If the governing body approves the terms of the agreement, it shall enter its approval in its minutes, and the school board may then, by resolution entered in its minutes, provide for the issuance of negotiable bonds evidencing the indebtedness for sale to the Virginia Retirement System. Such bonds shall be issued in conformity with the provisions of this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50698,"edition_id":2,"name":"Borrowing by School Boards From Virginia Retirement System","identifier":"10.1","label":"chapter","depth":2,"order_by":12,"parent_id":50682,"metadata":{"child_laws":8,"child_structures":0},"date_created":"2026-08-02 02:31:37","date_modified":"2026-08-02 12:31:02","permalink":{"id":1408109,"object_type":"structure","relational_id":50698,"identifier":"10.1","token":"22.1\/10.1","url":"\/22.1\/10.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50682,"edition_id":2,"name":"Education","identifier":"22.1","label":"title","depth":1,"order_by":60,"parent_id":null,"metadata":{"child_laws":858,"child_structures":99},"date_created":"2026-08-02 02:31:28","date_modified":"2026-08-02 12:30:57","permalink":{"id":1407951,"object_type":"structure","relational_id":50682,"identifier":"22.1","token":"22.1","url":"\/22.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":354274,"structure_id":50698,"section_number":"22.1-161.1","catch_line":"Borrowing for capital projects for school purposes authorized","url":"\/22.1-161.1\/","token":"22.1\/10.1\/22.1-161.1","metadata":false},{"id":354275,"structure_id":50698,"section_number":"22.1-161.2","catch_line":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","url":"\/22.1-161.2\/","token":"22.1\/10.1\/22.1-161.2","metadata":false},{"id":354276,"structure_id":50698,"section_number":"22.1-161.3","catch_line":"Issuance of bonds; procedure; form and requirements","url":"\/22.1-161.3\/","token":"22.1\/10.1\/22.1-161.3","metadata":false},{"id":354277,"structure_id":50698,"section_number":"22.1-161.4","catch_line":"Disposition of proceeds from sale of bonds; separate fund","url":"\/22.1-161.4\/","token":"22.1\/10.1\/22.1-161.4","metadata":false},{"id":354278,"structure_id":50698,"section_number":"22.1-161.5","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/22.1-161.5\/","token":"22.1\/10.1\/22.1-161.5","metadata":false},{"id":354279,"structure_id":50698,"section_number":"22.1-161.6","catch_line":"Repealed","url":"\/22.1-161.6\/","token":"22.1\/10.1\/22.1-161.6","metadata":false},{"id":354280,"structure_id":50698,"section_number":"22.1-161.7","catch_line":"Tax to pay principal and interest on bonds","url":"\/22.1-161.7\/","token":"22.1\/10.1\/22.1-161.7","metadata":false},{"id":354281,"structure_id":50698,"section_number":"22.1-161.8","catch_line":"Bonds deemed negotiable instruments; sale of bonds by Trustees of Retirement System; bonds made legal investments","url":"\/22.1-161.8\/","token":"22.1\/10.1\/22.1-161.8","metadata":false}],"previous_section":{"id":354274,"structure_id":50698,"section_number":"22.1-161.1","catch_line":"Borrowing for capital projects for school purposes authorized","url":"\/22.1-161.1\/","token":"22.1\/10.1\/22.1-161.1","metadata":false},"next_section":{"id":354276,"structure_id":50698,"section_number":"22.1-161.3","catch_line":"Issuance of bonds; procedure; form and requirements","url":"\/22.1-161.3\/","token":"22.1\/10.1\/22.1-161.3","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-161.2\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 250<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1408115,"object_type":"law","relational_id":354275,"identifier":"22.1-161.2","token":"22.1\/10.1\/22.1-161.2","url":"\/22.1-161.2\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/22.1-161.2\/","token":"22.1\/10.1\/22.1-161.2","dublin_core":{"Title":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-161.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever a school board<\/span> desires to contract<\/span> with the Board of Trustees of the Virginia Retirement System to borrow money for capital projects for school purposes, it shall adopt a resolution setting forth the purpose for which it is desired to borrow the money and the amount of such proposed borrowing. Such resolution shall be entered in the minutes of the school board<\/span>, and a copy of the same, certified by the clerk of the school board<\/span>, shall be submitted by the school board<\/span> to the governing body<\/span> of the county, city or town for its approval or rejection. If the governing body<\/span> approves the resolution, it shall enter its approval in its minutes, and the school board<\/span> may then endeavor to negotiate an agreement with the Board of Trustees of the Virginia Retirement System for the borrowing of such money. If agreement is reached, the question of borrowing such money on the terms agreed upon by the school board<\/span> and the Board of Trustees of the Virginia Retirement System shall again be submitted to the governing body<\/span> of the county, city or town for its approval or rejection. If the governing body<\/span> approves the terms of the agreement, it shall enter its approval in its minutes, and the school board<\/span> may then, by resolution entered in its minutes, provide for the issuance of negotiable bonds<\/span> evidencing the indebtedness for sale to the Virginia Retirement System. Such bonds<\/span> shall be issued in conformity with the provisions of this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESOLUTION BY SCHOOL BOARD; APPROVAL OR REJECTION BY GOVERNING BODY;\nINDEBTEDNESS EVIDENCED BY BONDS (\u00a7 22.1-161.2)\n\nWhenever a school board desires to contract with the Board of Trustees of the\nVirginia Retirement System to borrow money for capital projects for school\npurposes, it shall adopt a resolution setting forth the purpose for which it is\ndesired to borrow the money and the amount of such proposed borrowing. Such\nresolution shall be entered in the minutes of the school board, and a copy of\nthe same, certified by the clerk of the school board, shall be submitted by the\nschool board to the governing body of the county, city or town for its approval\nor rejection. If the governing body approves the resolution, it shall enter its\napproval in its minutes, and the school board may then endeavor to negotiate an\nagreement with the Board of Trustees of the Virginia Retirement System for the\nborrowing of such money. If agreement is reached, the question of borrowing such\nmoney on the terms agreed upon by the school board and the Board of Trustees of\nthe Virginia Retirement System shall again be submitted to the governing body of\nthe county, city or town for its approval or rejection. If the governing body\napproves the terms of the agreement, it shall enter its approval in its minutes,\nand the school board may then, by resolution entered in its minutes, provide for\nthe issuance of negotiable bonds evidencing the indebtedness for sale to the\nVirginia Retirement System. Such bonds shall be issued in conformity with the\nprovisions of this chapter.\n\nHISTORY: 1995, c. 250.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}