Chap. 111.—An ACT to amend and re-enact Section 52 of an act entitled an act
to provide a new charter for the city of Radford, and to repeal all other acts
or parts of acts in conflict therewith, approved March 15, 1910, in relation
to borrowing money, and letting of certain contracts, [H B 251]

Approved March 5, 1936

1. Be it enacted by the General Assembly of Virginia, That section
fifty-two of an act entitled an act to provide a new charter for the
city of Radford, and to repeal all other acts or parts of acts in conflict
therewith, approved March fifteenth, nineteen hundred and ten, be
amended and re-enacted so as to read as follows:

Section 52. For the execution of its powers and duties the city
council may, in the name of and for the use of the city, contract loans
or cause to be issued certificates of debts or bonds, provided no such
certificate of debt or bonds shall be issued except by a two-thirds vote
of the qualified members elected to council, ratified by a majority of the
freehold voters voting on the question; but such loans, certificates, or
bonds shall not be irredeemable for a period greater than thirty-four
years; provided further, that said council shall not contract said loans
or issue such certificates of debt or bonds for the purpose of sub-
scribing to the stock of any company incorporated for a work of
internal improvement, or other purpose, without first being authorized
so to do by three-fourths of the freehold voters voting on the question ;
provided, further, that in no case shall the aggregate debt of the city
at any one time exceed eighteen per centum of the assessed value of
the taxable property, real and personal, within its limits. To meet the
current expenses of the city government, the council is authorized and
empowered to borrow on behalf of the city such sum or sums of money
as in its judgment is required, not exceeding the estimated revenues
to be received during the then current year, and may issue such obliga-
tions of the city as may be required payable out of the current revenues
of the city, to be derived from taxation or the operation of its utilities,
and nothing in this section or in the charter of the city shall be con-
strued to require such obligation or obligations to be ratified by the
voters of the city either freehold or qualified. All contracts for the
erection of public utilities, improvements and purposes within the
jurisdiction of the city council, shall be let to the lowest responsible
bidder, and notice shall be given, for at least thirty days before the
work is finally let, by advertisement in one or more newspaper pub-
lished or circulated in the city, and the party to whom said contract
shall be let shall give bond as the council may require and approve, but
in no event shall any contract be let to any member of the city council,
nor shall any member have any interest in such contract.