CHAPTER 6

An Act to amend and reenact § 14 of Chap 206 of the Acts of Assembly
of 1926, approved March 18, 1926, as amended, relating to the borrow-
ing of money by the town of Grundy. 7 a}

Approved February 6, 1952

Be it enacted by the General Assembly of Virginia:
1. That § 14 of Chap 206 of the Acts of Assembly of 1926, approved
March 18, 1926, as amended, be amended and reenacted as follows:

§ 14. The town council shall have the power and authority, without
a reference thereof to the vote of the people, to issue certificates of in-
debtedness, revenue bonds or other obligations, of the town, in anticipa-
tion of the collection of the revenue of the town for the then current
year, provided, that such certificates, bonds and other obligations mature
within five years from the date of their issue, and be not past due, and do
not exceed the sum of five thousand dollars; and the said council shall
have the further power and authority, without a reference thereof to
the vote of the people to borrow money and issue the bonds or other
interest-bearing obligations of the town therefor, for the purpose of
providing for said town, a water supply, water works, fire fighting
equipment, sewerage, or other permanent improvements in the town, but
for no other purpose, provided that such bonds or other obligations shall
not exceed the aggregate amount authorized by section one hundred and
twenty-seven of the Constitution of Virginia, and in no event to exceed
the aggregate amount of fifteen thousand dollars, or to run for a longer
period than fifteen years from the date thereof and provided, fur-
ther, that the issuance thereof be authorized by the recorded affirma-
tive vote of at least five members of the council, on which question the
mayor shall be entitled to vote as a member of the council.

2. Anemergency exists and this act is in force from its passage.