Chap. 109.—An ACT to repeal the two sections numbered 29 of an act entitled,
“an act to provide a new charter for the town of Waynesboro, Virginia, and
to repeal all acts or parts of acts in conflict therewith,” approved March 26,
1928, and to amend said act by adding thereto and inserting therein in lieu
of the sections repealed, two new sections numbered 29 and 29-a, providing
for the issuance of bonds, the laying of levies, and the appropriation of

moneys. {H B 2001
Approved March 5, 1936

1. Be it enacted by the General Assembly of Virginia, That the
two sections, numbered twenty-nine of an act entitled an act to pro-
vide a new charter for the town of Waynesboro, Virginia, and to
repeal all acts or parts of acts in conflict therewith, approved March
twenty-sixth, nineteen hundred and twenty-eight, be, and the same are
hereby, repealed, and that said act be amended by adding thereto and
inserting therein in lieu of the sections repealed two new sections
numbered twenty-nine and twenty-nine-a, which new sections shall read
as follows:

Section 29. Bond issues.—(a) The council may in the name of
and for the use of the town, contract debts and make and issue, or
cause to be made and issued as evidence thereof, bonds, notes, or other
obligations, upon the credit of the town or solely upon the credit of
specific property owned by the town, or solely upon the credit of income
derived from property used in connection with any public utility owned
and operated by the town. But except as provided in subsection (b) of
this section, no debt shall hereafter be contracted for a longer period than
that of the probable life of the work or object for which the debt is to be
contracted. The probable life of no public improvement shall be con-
sidered over thirty years, except that the possible life of public buildings
others than schoolhouses may be forty years; concrete bridges, forty
years, and parks or other real estate, fifty years.

(b) Bonds issued for the refunding of previous issues shall in no
case extend for a greater period of years than for the remainder of the
period for which the refunded issues were originally issued.

(c) In lieu, however, of creating a sinking fund, or sinking funds,
as in section twenty-eight herein provided, the town may issue bonds,
hereafter called “serial bonds,” payable in annual installments, the first
of which shall be payable at any time the council may prescribe in the
ordinance authorizing the issue of such bonds; and the last of which
shall be payable within the period of the probable life of the work or
object for which the debt evidenced by said bonds was created.

(d) But no bonds shall be issued, or long term indebtedness con-
tracted by the town for any purpose whatsoever without a vote of the
duly qualified electors in an election called and held as prescribed by
general law in such cases; provided, however, that the town shall have
authority without such election to issue bonds for the purpose of refund-
ing callable previously issued bonds, at a lower rate of interest; and
provided further, however, the town shall have authority without an
election to make temporary loans not in excess of what may be paid out
of the current revenues of the year in which made, and the said temporary
loans shall be paid off within said year.
(e) Restrictions on loans and credits——The credit of the town shall
not directly or indirectly, under any device or pretense whatsoever, be
granted to or in aid of any person, association or corporation. The coun-
cil shall not issue any bonds, notes or other obligations of the town, or
increase the indebtedness thereof, to an amount greater than eighteen
per centum of the assessed valuation of the real estate in the town,
subject to taxation ; provided, however, that in determining the limitation
of the power of the town to incur indebtedness there shall not be in-
cluded the classes of indebtedness mentioned in subsections (a) and (b)
of section one hundred and twenty-seven of the Constitution of the State.

(£) Bonds based solely upon the credit of specific property owned
by the town, or solely upon the credit of income derived from property
used in connection with any public utility owned or operated by the
town, shall be issued subject to this charter and any law applicable
thereto.

(g) Every ordinance authorizing the issuance of bonds shall specify
the purpose or purposes for which they are to be issued, the aggregate
amount of the bonds, the term for which they shall be issued, and the
maximum rate of interest to be paid thereon. Any such ordinance may
be amended by ordinance at any time before the bonds to be affected
by such amendment have been sold. All other matters relating to such
bonds may be determined by resolution within the limitations prescribed
by such ordinance or by this charter.

(h) However, if there shall be omitted from this charter any provi-
sion essential to the valid authorization, sale, execution and issuance
of any of the bonds of said town, the provisions of the general law
with reference to similar bonds shall supply said omission.

(1) Any bonds issued by the town under this charter shall be
signed by the mayor and attested by the clerk under the seal of the
town, and shall be made payable at the office of the town treasurer or
such other place, in or out of the State, as the council may provide.
Such bonds shall be advertised by the town manager and sold by the
town treasurer, under supervision of the mayor, town manager, and
clerk, and the sale reported to and approved by the council, and the
proceeds from said sale shall be paid to the town treasurer.

Section 29-a. Appropriation ordinance and levy.—At not less than
thirty days before the first Monday in the month of April of each year,
the town manager shall submit to the council for its information a
budget for the ensuing fiscal year, and on the first Monday in June
in each year, the council shall lay its levy on all property, real and
personal, subject to taxation for town purposes, and not later than
November tenth following, the council shall pass its annual appropria-
tion ordinance.

2. An emergency existing, this act shall be in force and effect from
its passage.