WASHINGTON -- Hanover County, Va., this week is issuing the first local lease revenue bonds in Virginia since the state Supreme Court withdrew its April decision declaring lease- and appropriation-backed securities unconstitutional.

Harry Frazier of Hunton & Williams, the bond counsel on the $5.7 million issue, said he gave his unqualified approval -- despite lingering questions about what the court could say in its next ruling on lease issues this fall -- largely because the bonds were validated by a lower court on June 27.

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