CHAPTER 558
An Act to amend the Code of Virginia by adding a section numbered
15-666.18:1, relating to certain debts that may be contracted by cities
of the second class.

[H 598]

Approved March 31, 1962

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
15-666.18 :1 as follows: ;

§ 15-666.18:1. Any city of the second class may, within one year
from the date of its transition from a town to such city of the second class
pursuant to the provisions of Chapter 6 of Title 15 of the Code of Virginia,
contract debts, borrow money and authorize the issuance of its negotiable
bonds in the principal amount of its proportionate share of all State,
county and district levies on property within the territory occupied by such
city actually collected by the county treasurer pursuant to § 15-101 in the
year in which such transition takes place, and which does or would
constitute credit against the amount of the assumption of county indebted-
ness by such city pursuant to § 15-102.

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