When the sum actually collected on any such assessment shall be more than sufficient to pay the principal and interest for the next succeeding year, a proper allowance for such surplus shall be made in the following assessment, and the percentage may be reduced accordingly.
Va. Code Ann. § 21-370
Application of surplus to reduce assessment for following year
Code 1919, § 1771; 1924, p. 711; 1926, p. 620; 1936, p. 1034.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.