CHAPTER 407

An Act to amend and reenact § 4 of Chapter XII of Chapter 578 of the
Acts of Assembly of 1952, approved April 8, 1952, which provided a
new charter for the city of Danville, the section relating to the tssu-
ance of notes in anticipation of bonds and revenues. (H 334]

Approved March 15, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 4 of Chapter XII of Chapter 578 of the Acts of Assembly of
1952, approved April 8, 1952, be amended and reenacted as follows:

§ 4. Notes in Anticipation of Bonds and Revenues.—Whenever an
issue of bonds for any capital improvements project has been authorized
by the council, the Director of Finance when authorized by ordinance, shall
have power to issue notes of the city in anticipation of such bonds, for
the purpose of defraying the whole or any part of the cost of such project.
Such notes in anticipation of bonds shall be authenticated by the signature
of the Director of Finance and shall mature not later than * thirty-six
months after the date of issue. They shall be paid at maturity from the
proceeds of the sale of the bonds in anticipation of which they have been
issued. Notes in anticipation of revenue shall be authorized by the council
by ordinance. They shall be authenticated by the signature of the Director
of Finance, shall not exceed in the aggregate $500,000 issued and out-
standing at any one time, and shall mature not later than twenty-four
months after the date of issue. If not paid at maturity, the amount of such
unpaid notes shall be included as an appropriation in the budget for the
ensuing year. The said notes may be disposed of by public or private
negotiations. Any outstanding notes heretofore issued in anticipation of
bonds which have not yet been issued, and maturing not later than twelve
months after the date of issue may be reissued or renewed by the Council
by ordinance to mature not later than thirty-six months after the date of
reissuance or renewal and to be paid at maturity from the proceeds of
the sale of the bonds in anticipation of which they have been issued.