Chap. 15.—An ACT to authorize any county, city, or town to purchase bonds or
other evidences of indebtedness of the United States of America, or of the State
or any political subdivision or institution thereof, out of money available in the
general fund or in any sinking fund or in any special fund during the period
defined in this Act; to dispose of such bonds or other evidences of debt so pur-
chased; to validate any ordinances which have been enacted for the purchase
of same, and any purchases of same which have been made out of any such
funds, and to declare the existence of an emergency. [S B 2]

Approved October 5, 1942

1. Be it enacted by the General Assembly of Virginia, as follows:

(a) That so long as a state of war exists between the United States
and any foreign power the board of supervisors of any county, or the
council of any city or town, may by resolution or ordinance authorize
and direct the treasurer of such county, town or city, or the custodian or
manager of any sinking fund, to purchase out of any moneys available
in the general fund, or in any sinking fund, or any special fund of such
county, city, or town, bonds or other evidences of debt of the United
States of America, or of the State or any political subdivision or institu-
tion thereof, the amount of such purchases to be prescribed in the resolu-
tion or ordinance directing the purchase of same, and it shall be the duty
of any such treasurer or custodian of such funds to comply with any such
ordinance or resolution. Any bonds or other evidences of debt purchased
under the provisions of this Act shall be held by the Treasurer, or other
proper custodian thereof, until such time as the board of supervisors or
council, by resolution or ordinance, directs the sale or other disposition
thereof. No county treasurer, town treasurer, city treasurer, or other
custodian or manager of such funds shall be held liable for any loss of
public money which may occur as a result of depreciation in the value of
securities purchased pursuant to the provisions of this act.

(b) Every ordinance that has been enacted by the governing body
of any county, town, or city authorizing the purchase of any such securi-
ties as are herein referred to out of the funds of such county, town or city,
and all investments in such securities as have been made, whether in pur-
suance of authority of an ordinance, or otherwise, are hereby declared
to be made valid and binding to the same extent as 1f any such ordinance
had been passed or any such investment had been made under and in
pursuance of the authority of this act.

(c) Nothing in this act shall be deemed to repeal any provisions
of any city or town charter prohibiting the investment of any sinking
fund in the securities hereby authorized.

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