CHAPTER 470

An Act to authorize certain counties to issue bonds to finance acquisition
of land for public purposes and to prescribe certain conditions in
connection with issuance of such bonds. g

[S 321]

Approved March 31, 1960

Be it enacted by the General Assembly of Virginia:

1. § 1. The governing body of any county having a density of popu-
lation in excess of five thousand per square mile may issue bonds for the
purpose of acquiring land for diversified public purposes.

§ 2. The provisions of the Public Finance Act of 1958, as amended,
shall apply except that the individual projects for which the land is
required need not be specified.

§ 8. The proceeds of any bonds authorized and sold under this act
shall be set aside in a special fund designated the “Revolving Fund for
Advance Land Acquisition.” The fund shall be reimbursed for expendi-
tures for the purchase of land from the proceeds of bonds authorized and
sold to carry out the particular project for which the land was acquired,
or by amounts duly appropriated by the governing body from current
revenue.

§ 4. If the governing body determines that the need for advance
land acquisition no longer exists, it may discontinue the fund provided
for in § 3 of this act, providing that the resolution adopted under the
provisions of § 15-666.40 of the Code of Virginia shall have provided for
the payment of principal and interest on any such bonds from the revenue
of the project or from ad valorem taxes or other current revenue of the
county.

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