2026 SESSION

INTRODUCED

26102287D

HOUSE BILL NO. 1187

Offered January 14, 2026

Prefiled January 14, 2026

A BILL to amend and reenact § 15.2-2638 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 22.1-140.2, relating to localities; issuance of bonds for capital projects for school purposes.

—————

Patron—O'Quinn

—————

Referred to Committee on Education

—————

Be it enacted by the General Assembly of Virginia:

1. That § 15.2-2638 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding a section numbered 22.1-140.2 as follows:

§ 15.2-2638. Powers of counties generally; approval of voters required.

A. Except as provided in subsection B of this section, no county has the power to contract any debt or to issue its bonds unless a majority of the voters of the county voting on the question at an election held in accordance with §§ 15.2-2610 and 15.2-2611 approve contracting the debt, borrowing the money and issuing the bonds.

B. Voter approval is not required for a county (i) to contract debt or to issue bonds described in Article VII, Section 10(a)(1) and (3) of the Constitution of Virginia, (ii) to issue refunding bonds, or (iii) to issue bonds, with the consent of the school board and the governing body of the county, for capital projects for school purposes which (a) that are sold to the Literary Fund, the Virginia Retirement System, or other state agency prescribed by law or (b) as permitted pursuant to § 22.1-140.2.

§ 22.1-140.2. Localities; issuance of bonds for capital projects for school purposes.

The governing body of any locality may, with the consent of the school board and consistent with the provisions of the Public Finance Act (§ 15.2-2600 et seq.), (i) issue bonds to finance all or any portion of any capital project for school purposes in the school division and (ii) use all or any portion of any federal, state, or local grant secured by the governing body of the locality or the school board, including any grant received pursuant to § 22.1-140.1, to cover principal and debt service payments on such bonds.