The fiscal year of the town shall begin on July 1 of each year,
and end on June 30 of the year following, but the same may be changed
by action of the Town Council, where not inconsistent with general
law. (1972, c. 68)
Any ordinance creating a debt for which money is to be borrowed
shall be adopted by a majority vote of the elected members of the
Town Council. Any bonds issued by the Town shall be issued in compliance
with the Laws of the Commonwealth.
The Town Council may submit to a vote of the qualified electors
of the Town the question of whether such money shall be borrowed.
Any such petition shall be filed with the Town Clerk within thirty
days of the vote of the Town Council to borrow money.
Any such election shall be held within sixty days of the vote
of the Town Council to call such election or within sixty days of
receipt of such petition. The election shall be held in the manner
provided for such elections by the General laws of the Commonwealth.
A majority vote of the qualified electors voting at such election
shall be required for the approval of the borrowing of such money.
The provisions of this section shall not be construed to prohibit
the Town Council from proceeding under any provisions of the Constitution
of Virginia and general laws of the Commonwealth in the borrowing
of money. (1972, c. 68)