Chap. 142.—An ACT to amend and re-enact Section 14 of an act entitled “An act
to provide a new charter for the town of Grundy, and to repeal all other
acts or parts of acts in conflict therewith’, approved March 18, 1926, in rela-
tion to the borrowing of money by the town. [H B 348]

Approved March 14, 1938

I. Be it enacted by the General Assembly of Virginia, That sec-
tion fourteen of an act entitled an act to provide a new charter for the
town of Grundy, and to repeal all other acts or parts of acts in con-
flict therewith, approved March eighteenth, nineteen hundred and
twenty-six, be amended and re-enacted so as to read as follows:

Section 14. The town council shall have the power and authority,
without a reference thereof to the vote of the people, to issue certi-
ficates of indebtedness, revenue bonds or other obligations, of the
town, in anticipation of the collection of the revenue of the town for
the then current year, provided, that such certificates, bonds and other
obligations mature within one year from the date of their issue, and
do not exceed the sum of one thousand dollars; and the said council
shall have the further power and authority, without a reference there-
of to the vote of the people to borrow money and issue the bonds or
other interest-bearing obligations of the: town therefor, for the purpose
of providing for said town, a’ water supply, water works, fire fighting
equipment, sewerage, or other permanent improvements in the town,
but for no other purpose, provided that such bonds or other obliga-
tions shall not exceed the aggregate amount authorized by section one
hundred and twenty-seven of the Constitution of Virginia, and in no
event to exceed the aggregate amount of eight thousand dollars, or ‘to
run for a longer period than twenty years from the date thereof, and
provided, further, that the issuance thereof be authorized by the re-
corded affirmative vote of at least five members of the council,.on which
question the mayor shall be entitled to vote as a member of the council.

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