Chap. 11.—An ACT to amend and re-enact Section 52 as heretofore amended 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, relating to borrowing money and letting certain contracts. [H B 14]

Approved October 5, 1942

1. Be it enacted by the General Assembly of Virginia, That Section
Fifty-two, as heretofore amended 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 as follows:

Section 52. (1) 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 qualified voters voting on the question ; but such bonds, certificates,
or loans 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 subscribing
to the stock of any company incorporated for a work of internal improve-
ment or other purpose, without first being authorized so to do by three-
fourths of the freehold voters voting on the question; provided further
that the council shall not issue any bonds or other interest-bearing obliga-
tions for any purpose, or in any manner to an amount which, including
existing indebtedness, shall at any time, exceed eighteen per centum of
the assessed valuation of the real estate in the City of Radford subject
to taxation, as shown by the last preceding assessment for taxation;
provided however that in determining the limitation of the power of the
City through the council to incur indebtedness there shall not be included
the following classes of indebtedness :

(a) Certificates of indebtedness, revenue bonds or other obliga-
tions issued in anticipation of the collection of the revenue of the City
of Radford, Virginia, for the then current year, including the revenue
derived from taxation or the operation of its utilities ; provided that such
certificates, bonds or other obligations mature within one year from the
date of their issue, and be not past due and do not exceed the revenue
for such year.

(b) Bonds authorized by an ordinance enacted in accordance with
section One Hundred and Twenty-three of the Constitution of Virginia
and approved by the affirmative vote of the majority of the qualified
voters of the city or town voting upon the question of their issuance, at
the general election next succeeding the enactment of the ordinance, or
at a special election held for that purpose for a supply of water or other
specific undertaking from which the city or town may derive a revenue;
but from and after a period to be determined by the council, not exceed-
ing five years from the date of such election, whenever and for so long
as such undertaking fails to produce sufficient revenue to pay for cost of
operation and administration (including interest on bonds issued there-
for), and the cost of insurance against loss by injury to persons or prop-
erty, and an annual amount to be covered into a sinking fund sufficient
to pay, at or before maturity, all bonds issued on account of said under-
taking, all such bonds outstanding shall be included in determining the
limitation of the power to incur indebtedness, unless the principal and
interest thereof be made payable exclusively from the receipts of the
undertaking.

(2) To meet the current expenses of the city government the coun-
cil 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 esti-
mated revenues to be received during the then current year, including the
revenue derived from taxation or from the operation of its utilities, and
may issue such obligations of the city as may be required, payable out of
the current revenues of the City to be derived from taxation or the opera-
tion of its utilities, provided such obligations mature within one year
from the date of their issue; provided further that nothing in this Sec-
tion or in the Charter of the City shall be construed to require such obliga-
tion or obligations to be ratified by either the freehold or qualified voters
of the City.

(3) All contracts for the erecting of public utilities and for im-
provements 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 newspapers published 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.

2. An emergency exists and this act shall be in force upon its
passage.