Chap. 52.—An ACT to amend and re-enact section 2727 of the Code of Virginia,
as heretofore amended, relating to the raising of money for county ae
Approved February 26, 1932 ,

1. Be it enacted by the general assembly of Virginia, That sec-
tion twenty-seven hundred and twenty-seven of the Code of Virginia,
as heretofore amended, be amended and re-enacted so as to read as
follows:

Section 2727. The board of supervisors shall have power to
direct the raising, by levy, of such sums as may be necessary to de-
fray the county charges and expenses and all necessary charges inci-
dent to or arising from the execution of their lawful authority. For
the purpose of meeting casual deficits in the revenue, or creating a
debt in anticipation of the collection of the revenue of said county,
the board is hereby authorized to borrow not earlier than June first of
any year a sum of money not to exceed one-fourth of the amount pro-
duced by the county levy laid in such county for the year in which
the loan is negotiated; provided however that in all counties having
a density of population in excess of five hundred inhabitants per
square mile as shown by the United States census of nineteen hun-
dred and thirty, said board is hereby authorized to borrow not earlier
than January fifteenth of any year a sum of money not to exceed
three-fourths of the amount which it is reasonably anticipated will be
produced by the county levy laid or to be laid in any such county for
the year in which the loan is negotiated. Such temporary loans shall
be evidenced by notes or bonds negotiable, or non-negotiable, as the
board may determine; shall bear interest at a rate not exceeding
six per centum per annum, and shall be repaid not later than Decem-
ber fifteenth of the year in which it is borrowed. No extension of
said loan shall be valid. No additional loan under this section shall
be made until all prior temporary loans shall have been paid.

An emergency existing this act shall be in force from its passage.