CHAPTER 220

An Act to amend and reenact § 15-666.64 of the Code of Virginia,
relating to loans by counties, cities and towns in anticipation of the
sale of bonds.

[H 176]

Approved March 10, 1962

Be it enacted by the General Assembly of Virginia:

1. That § 15-666.64 of the Code of Virginia be amended and reenacted
as follows:

§ 15-666.64. In anticipation of the issuance of bonds under the pro-
visions of this chapter and of the receipt of the proceeds of the sale of
such bonds, any unit may borrow money for the purpose for which such
bonds have been authorized and within the maximum authorized amount
of the bond issue. Such loans shall mature and be paid within two years
from the date of issue of the original loan. The unit may, in its discretion,
retire any such loans by means of current revenues, special assessments,
or other funds, in lieu of retiring them by means of bonds, provided that
the maximum amount of bonds that has been authorized shall be reduced
by the amount of such loans retired in such manner.

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