Chap. 462.—An ACT to amend and re-enact section 2727 of the Code of Vir-
ginia, relating to the raising of money for county purposes and author-
izing the board of supervisors to make temporary loans. [S B 319]

Approved March 27, 1930

1. Be it enacted by the general assembly of Virginia, That sec-
tion twenty-seven hundred and twenty-seven of the Code of Virginia
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 anticipation 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 pro-
duced by the county levy laid in such county for the year in which
the loan is negotiated. Such temporary loans shall be evidenced by
notes or bonds negotiable, or non-negotiable, as the board may deter-
mine; 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
prior temporary loans shall have been paid.