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action by the Governor.
Question 2: Shall Section 10 of Article VII of the Constitution of Virginia be amended to decrease the maximum indebtedness a city or town may incur?
The Virginia Constitution limits the amount of money a city of town may borrow to 18 per cent of the assessed value of taxable real estate in the city or town. The proposed amendment would lower the debt limit to 10 per cent of assessed value. Only long term borrowing by general obligation bonds would be affected.
Counties, whose general obligation bonds are approved by the voters, are not covered by this amendment.
Question 3: Shall Section 6 of Article X of the Constitution of Virginia be amended to authorize the General Assembly to permit certain tax exemptions for personal property which is designated for continuous habitation, owned and used by persons not less than sixty-five or disabled?
The Virginia Constitution
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