Chap. 62.—An ACT to amend and re-enact Section 52, as heretofore amended, of
an act entitled “An act to provide a new charter for the city of Radford, and
to.repeal all other acts or parts of acts in conflict therewith.”, approved March
15, 1910, relating to borrowing money and letting certain contracts. [H B 343]

Approved February 24, 1942

1. Be it enacted by the General Assembly of Virginia, That section
fifty-two, as heretofore amended, of an act entitled “an act to provide a
new charter for the city of Radford, and to repeal all other acts or parts
of acts in conflict therewith.”, approved March fifteenth, nineteen hun-
dred and ten, be amended and re-enacted, as follows:

Section 52. For the execution of its powers and duties the city coun-
cil may, in the name of and for the use of the city, contract loans or cause
to be issued certificates of debts or bonds, provided no such certificate
of debt or bonds shall be issued except by a two-thirds vote of the quali-
fied members elected to council, ratified by a majority of the qualified
voters voting on the question; but such loans, certificates, or bonds shall
not be irredeemable for.a period greater than thirty-four years ; provided
further, that said council shall not contract said loans or issue such cer-
tificates of debt or bonds for the purpose of subscribing to the stock of any
company incorporated for a work of internal improvement, or other pur-
pose, without first being authorized so to do by three-fourths of the free-
hold voters voting on the question; provided, further, that in no case
shall the aggregate debt of the city at any one time exceed eighteen per
centum of the assessed valuation of the real estate in the city subject to
taxation, as shown by the last preceding assessment for taxes. To meet the
current expenses of the city government, the council is authorized and
empowered to borrow on behalf of the city such sum or sums of money
as in its judgment is required, not exceeding the estimated revenues to be
received during the then current year, and may issue such obligations of
the city as may be required payable out of the current revenues of the
city, to be derived from taxation or the operation of its utilities, and noth-
ing in this section or in the charter of the city shall be construed to require
such obligation or obligations to be ratified by the voters of the city either
freehold or qualified. All contracts for the erection of public utilities, im-
provements and purposes within the jurisdiction of the city council, shall
be let to the lowest responsible bidder, and notice shall be given, for at
least thirty days before the work is finally let, by advertisement in one or
more newspapers published or circulated in the city, and the party to
whom said contract shall be let shall give bond as the council may require
and approve, but in no event shall any contract be let to any member of the
city council, nor shall any member have any interest in such contract.
2. An emergency exists and this act is in force upon its passage.