Chap. 30. An ACT to amend and re-enact section 2727 of the Code of Virginia,
as heretofore amended, relating to the raising of money for county a ae
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Approved January 14, 1937

1. Be it enacted by the General Assembly of Virginia, That
section twenty-seven hundred and twenty-seven of the Code of Virginia,
as heretofore amended, be amended and re-enacted so as to read as
follows:

Section 2727. The board of supervisors shall have power to direct
the raising, by levy, of such sums as may be necessary to defray the
county charges and expenses and all necessary charges incident to or
arising from the execution of their lawful authority. For the purpose
of meeting casual deficits in the revenue, or creating a debt in anticipa-
tion of the collection of the revenue of said county, the board is hereby
authorized to borrow not earlier than June first of any year a sum
of money not to exceed one-fourth of the amount produced by the
county levy laid in such county for the year in which the loan is
negotiated; provided, however, that in all counties having a density
of population in excess of five hundred inhabitants per square mile,
as shown by the United States census of nineteen hundred and thirty,
said board is hereby authorized to borrow not earlier than January
fifteenth of any year a sum of money not to exceed three-fourths
of the amount which it is reasonably anticipated will be produced
by the county levy laid or to be laid in any such county for the year
in which the loan is negotiated. For the purposes of fixing the density
of population in any such county for the purposes of this act the
number of square miles in such county embraced within the limits
of any government reservation situate therein, where the property is
not subject to State and local taxation and where the inhabitants are
not enumerated as residents of the county in such census, shall be
deducted from the total square miles within the geographical limits
of such county, and the density of population shall be determined
by dividing the remaining square miles of such county into the total
population shown by such census. Such temporary loans shall be
evidenced by notes or bonds negotiable, or non-negotiable, as the
board may determine; shall bear interest at a rate not exceeding Six
per centum per annum, and shall be repaid not later than December
fifteenth of the year in which it is borrowed. No extension of said
loan shall be valid. No additional loan under this section shall be
made until all temporary loans of any preceding years shall have
been paid.

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