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)
(a) 
No action shall be maintained against the Town for damages for any injury to any person or property alleged to have been sustained by reason of the negligence of the Town, or any officer, agent or employee thereof, unless a written statement of the claimant, his agent or attorney, or the personal representative of any decedent whose death is a result of the alleged negligence of the Town, its officers, agents or employees, of the nature of the claim and the time and place at which the injury is alleged to have occurred, or to have been received, shall have been filed with the mayor or an attorney appointed by the Town Council for this purpose, and the Town is hereby authorized to appoint such an attorney, within sixty days after such cause of action shall have accrued. Where the claimant is an infant or non compos mentis, or the injured party dies within such sixty days, such statement may be filed within one hundred twenty days provided, that if the complainant is compos mentis during such sixty-day period but is able to establish by a clear and convincing evidence that due to the injury sustained for which a claim is asserted that he was physically or mentally unable to give such notice within the sixty-day period, then the time for giving notice shall be tolled until the claimant sufficiently recovers from such injury so as to be able to give such notice. No officer, agent or employee of the Town shall have authority to waive such conditions precedent or any of them.
(b) 
No order shall be entered or made, and no injunction shall be awarded by any Court or Judge, to stay proceedings of the Town in the prosecution of their works, unless it be manifest that they, their officers, agents or servants are transcending the authority given them in this Charter, and that the interposition of the Court is necessary to prevent injury that cannot be adequately compensated in damages.
(c) 
The Town Council is authorized and empowered to compromise any claim for damages or any suit or action brought against the Town. (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)