                                 CODE OF VIRGINIA

PAYMENT OF PREMIUMS ON BONDS FOR MORE THAN ONE YEAR IN ADVANCE (§ 15.2-1532)

Governing bodies are authorized to pay out of their respective treasuries, the
premiums on the surety bonds of all local officials who are required to be
bonded, for a period of more than one year when a discount for advanced payment
of such premiums may be obtained under the rates, rules and regulations
promulgated by the State Corporation Commission according to law.

If any such surety bond be cancelled prior to its expiration, the portion of the
premiums to be returned shall be calculated on the basis of the regular annual
rate of premiums for the duration of the bond as such refunds are prescribed by
the rates, rules and regulations promulgated by the State Corporation Commission
according to law.

HISTORY: Code 1950, § 15-483; 1962, c. 623, § 15.1-46; 1997, c. 587.