Are there any regulations related to public finance, including borrowing?

In Virginia, public finance, including borrowing, is regulated by the Virginia Public Finance Act of 1991. This act outlines the authority of localities and the state government in borrowing funds and other financial activities. It also lays out rules related to the sale of bonds, issuance of tax anticipation notes, and other loan policies. The Virginia Public Finance Act establishes limits on the borrowing capabilities of localities, including a maximum of 10% of their annual revenue from sources other than property taxes. It also stipulates that if a locality plans to borrow more than $10 million, it must either receive approval from the General Assembly or the Virginia State Corporation Commission. Additionally, localities must define the purpose of borrowing, provide a detailed plan for repayment, and submit an annual plan for debt management and payment to the State Corporation Commission. Furthermore, the Virginia Public Finance Act also outlines rules related to the use of public funds. It requires that all funds received by a locality must be deposited into a special account, and any money that is not used as intended must be returned within 60 days. Localities must also track and regularly audit all funds used and must provide regular reports of debt and income to the State Corporation Commission. Overall, the Virginia Public Finance Act outlines important regulations related to public finance, including borrowing, within the state of Virginia. It is designed to ensure the safe and responsible use of public funds, while protecting taxpayers and localities against financial risk.

Are there any regulations related to public finance, including borrowing?

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