Virginia Code 15.2-5159: Validation of creation of authorities; bonds issued.
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All proceedings heretofore taken with respect to the creation of a community development authority by any locality pursuant to this chapter are hereby presumed to be valid and all such authorities are presumed to be legally created. All proceedings heretofore taken by any community development authority with respect to the authorization, issuance, sale, execution, delivery, and repayment of bonds by any community development authority are presumed to be valid, and any such bonds so issued are presumed valid and legal obligations of such community development authority, enforceable in accordance with law.
Terms Used In Virginia Code 15.2-5159
- Authority: means an authority created under the provisions of § Virginia Code 15.2-5101
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
2009, c. 473.