CHAPTER 161

An Act to amend and reenact §§ 15.1-228 as amended, and 15.1-224 of th
Code of Virginia, relating to borrowing by counties, cities and town:
in anticipation of bond issue and issuance of notes and other obliga
tions therefor.
Be it enacted by the General Assembly of Virginia:

1. That §§ 15.1-223 as amended, and 15.1-224 of the Code of Virginia
be amended and reenacted as follows:

§ 15.1-228. In anticipation of the issuance of bonds under the pro-
visions of this chapter and of the receipt of the proceeds of 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. Each such * loan shall mature and be paid within two years
from the date of its original issue *. 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 maxi-
mum amount of bonds that has been authorized shall be reduced by the
amount of such loans retired in such manner.

§ 15.1-224. Negotiable notes or other obligations shall be issued for
all moneys borrowed under §§ 15.1-222 and 15.1-223. Such notes or other
obligations may be renewed from time to time and money may be borrowed
upon notes or other obligations from time to time for the payment of any
indebtedness evidenced thereby, but all such notes or other obligations
shall mature within the time limited by said sections *. The issuance of
such notes or other obligations and other details thereof shall be governed
by the provisions of this chapter with respect to bonds in so far as the
game may be applicable.