Chap. 10. An ACT to amend and re-enact section 72 of the Tax Code of
Virginia, as heretofore amended, in relation to the taxation of bonds
-of counties, cities and towns, and other political subdivisions of this State,
so as to bring within the provisions of that section the bonds, certificates
of indebtedness, and other obligations hereafter issued by State educational
institutions under the provisions of Chapter 49 of the Acts of Assembly
of 1933, as amended. [S B 2]

Approved January 11, 1937

1. Be it enacted by the General Assembly of Virginia, That section
seventy-two of the Tax Code of Virginia, as heretofore amended, be
further amended and re-enacted so as to read as follows:

Section 72. Bonds of counties, cities and towns, and other
political subdivisions of this State, and bonds, certificates of indebted-
ness, and other obligations hereafter issued by State educational insti-
tutions under the provisions of chapter forty-nine of the Acts of
Assembly of nineteen hundred and thirty-three, as amended.—All bonds
of counties, cities and towns, or other political subdivisions of this
State, and all bonds, certificates of indebtedness, and other obligations
hereafter issued by State educational institutions under the provisions
of chapter forty-nine of the Acts of Assembly of nineteen hundred and
thirty-three, as amended.

The taxes on incomes and the taxes on franchises and licenses 1m-
posed by the laws of this State shall be in lieu of a specific property
tax on all property defined by this section, whether owned by natural
persons, estates, partnerships, associations or corporations of every
kind and class, and whether held in trust or not.

2. An emergency existing, this act shall be in force on and after
its passage, and shall apply to the tax year nineteen hundred and thirty-
seven and every tax year thereafter until otherwise provided by law.