Chap. 190.—An ACT to amend and re-enact section 7 of chapter 8 of an act
entitled an act to incorporate the city of Danville, approved February 17, 1890,
as heretofore amended, relating to issuance of bonds. [H B 195]

Approved March 27, 1934

1. Be it enacted by the General Assembly of Virginia, That section
seven of chapter eight of an act entitled an act to incorporate the
city of Danville, approved February seventeenth, eighteen hundred and
ninety, as heretofore amended, be amended and re-enacted so as to
read as follows:

Section 7. Whenever the issuance of bonds of the city has been
duly authorized by the council of the city without the approval of the
voters and a recognized emergency exists, the council may borrow
money in anticipation of the receipt of the proceeds of the sale of the
bonds and within the maximum authorized amount of the bond issue.
Such loans shall be paid not later than twelve months after they are
made, and shall be paid out of the proceeds of the sale of said bonds.
The council may also borrow money in anticipation of the collection
of the taxes and revenues in the city, in any amount or amounts not
exceeding two hundred and fifty thousand dollars ($250,000.00) at

any one time. The council may issue negotiable notes or other evi-
dences of debt for all money borrowed under this section. Such notes
or other evidences of debt may be renewed from time to time, but all
such notes or other evidences of debt shall mature within twelve months.
No money shall be borrowed under this section at a rate of interest
exceeding six (6) per centum per annum. The said notes or other
evidences of debt may be disposed of by public or private negotiations.
The issuance of such notes or other evidences of debt may be author-
ized by resolution of the council.