§ 12.02. Debt limits.

Latest version.

The city's total indebtedness shall not exceed the limitations placed upon municipal indebtedness by the Constitution and the general laws of the Commonwealth of Virginia. City council shall not increase the total indebtedness of the city to the point which would render its bonds, notes and obligations non-tax deductible pursuant to any provisions of the Internal Revenue Code except by ordinance adopted by four-fifths vote.

                    
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