Sec. 27. Loans and bonds; debt limitation; bond elections.
The council of said city may negotiate any loan or loans
for the purpose of improving the streets, lighting the same,
buying necessary real estate, erecting public buildings, supplying
the city with water, sewerage, and for other purposes;
and shall have authority to issue registered and coupon bonds,
as well as serial, registered and coupon bonds, for the said
loan or loans, payable not more than forty years after the
date of said bonds, and said bonds shall bear interest payable
semiannually; provided, that the council shall not negotiate
such loan or loans, and issue bonds therefor, for sums which
when added to the debt of the city then existing, shall cause the
total indebtedness of the city to be greater than eighteen per
centum of the assessed valuation of the real estate of the city
subject to taxation, as shown by the last preceding assessment
for taxes; provided, however, that in determining the limitation
of the power of the city to incur indebtedness, there shall
not be included the classes of indebtedness mentioned in subsections
(a) and (b) of section one hundred and twenty-seven
of the constitution of the state. Whenever the question of the
issuance of any bonds of said city is required by the constitution
of Virginia or by the action of the council of said city
to be approved by the affirmative vote of a majority of the
qualified voters of the city who vote upon the question of their
issuance, such majority shall also include a majority of the
votes cast by those taxpayers of the city at such election who
pay a tax on real or personal property assessed at five hundred
dollars or more. Such election shall be held and conducted in
accordance with the law of Virginia regarding elections by the
people. (1950, c. 413; 1970, c. 93.)
Effect of amendments.—The 1950 amendment rewrote that portion of
the section which relates to the bond elections.
The 1970 amendment removed the five per cent interest rate limitation.
