Chap. 112.—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 purposes.
[S B 250]

Approved March 14, 1934

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 fol-
lows:

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 antici-
pation of the collection of the revenue of said county, the board is here-
by 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
ifteenth of any year a sum of money not to exceed three fourths of
he 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. Such temporary loans shall be evidenced by

notes or bonds negotiable, or non-negotiable, as the board may de-
termine; 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 tempo-
rary loans for any preceding years shall have been paid.