Chap. 93.—An ACT to amend and re-enact subdivision 8 of section 86 of chapter
34 of the acts of 1918, entitled “an act to provide a charter and special form
of government for the city of Norfolk and to repeal the existing charter of
said city, approved March 14, 1906, and the several acts amendatory thereof,
approved respectively March 12, 1908, March 14, 1908, March 7, 1912, March
13, 1912, March 13, 1914, March 17, 1914, March 24, 1914, March 25, 1914,
March 25, 1914, February 5, 1915, March 4, 1916, March 11, 1916, March 16,
1916, March 17, 1916, March 20, 1916, March 20, 1916, and March 20,
1916, and all other acts and parts of acts inconsistent with this act so far as
they relate to the said city of Norfolk,’ approved the 7th day of February,
1918, relating to temporary loans by the city of Norfolk. [S B 210]

Approved March 3, 1932

1. Be it enacted by the general assembly of Virginia, That sub-
division eight of section eighty-six of an act entitled “an act to pro-
vide a charter and special form of government for the city of Norfolk
and to repeal the existing charter of said city, approved March four-
teenth, nineteen hundred and six, and the several acts amendatory
thereof, approved respectively March twelfth, nineteen hundred and
eight, March fourteenth, nineteen hundred and eight, March seventh,
nineteen hundred and twelve, March thirteenth, nineteen hundred and
twelve, March thirteenth, nineteen hundred and fourteen, March sev-
enteenth, nineteen hundred and fourteen, March twenty-fourth, nine-
teen hundred and fourteen, March twenty-fifth, nineteen hundred and
fourteen, March twenty-fifth, nineteen hundred and fourteen, Febru-
ary fifth, nineteen hundred and fifteen, March fourth, nineteen hun-
dred and sixteen, March eleventh, nineteen hundred and sixteen,
March sixteenth, nineteen hundred and sixteen, March seventeenth,
nineteen hundred and sixteen, March twentieth, nineteen hundred and
sixteen, March twentieth, nineteen hundred and sixteen, and March
twentieth, nineteen hundred and sixteen, and all other acts and parts
of acts inconsistent with this act so far as they relate to the said city
of Norfolk,” approved the seventh day of February, nineteen hundred
and eighteen, is hereby amended and re-enacted so as to read as
follows:

(8) Pending the issuance or sale of any bonds, notes or other
obligations by this section authorized, or in anticipation of the receipt
of taxes and revenues of the current fiscal year, or of either of the
two fiscal years immediately preceding the current fiscal year, it shall
be lawful for the city to borrow money temporarily and issue notes
or other evidences of indebtedness therefor, and from tine to time to
renew such temporary loans to be ultimately repaid from the proceeds
of said bonds, notes or other obligations, or from the city taxes and
revenues, as the case may be; provided that such temporary loans, in-
cluding all renewals thereof, if made pending the issuance or sale of
bonds, notes or other obligations, issued under clause (5) five or
clause (6) six hereof, shall not be made for a period greater than three
(3) years, nor shall they exceed in the aggregate at any one time the
amount of such bonds, notes or other obligations remaining unissued
and unsold; and temporary loans made in anticipation of the receipt
of taxes and revenues of any fiscal year including all renewals thereof,
shall not be made for a period greater than the period ending two
years after the expiration of such fiscal year and shall not exceed in
the aggregate at any one time the uncollected portion of the taxes
and revenues in anticipation of which such notes or other evidences of
indebtedness are issued. All such temporary loans shall be evidenced by
instruments upon the face of which there shall be plainly written
“temporary loan.” No such loan made pending the issuance or sale
of bonds, notes, or other obligations under the provisions of clause
(5) five or clause (6) six hereof shall be valid unless the said bonds,
notes or other obligations shall have been first legally authorized.
The provisions of clauses (1) one to (6) six inclusive, of this section,
shall not apply to said temporary loans.

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