THEODORE R. MCKELDIN, GOVERNOR 1551

of the budget, the several amounts stated therein as pro-
posed expenditures shall be and become appropriated to
the several objects and purposes named therein.

TRANSFER OF FUNDS

46. Any transfer of funds between major appropria-
tions for different purposes by the mayor must be ap-
proved by the council before becoming effective.

OVER-EXPENDITURE FORBIDDEN

47. No officer or employee of the town shall during any
budget year expend or contract to expend any money or
incur any liability or enter into any contract which by its
terms involves the expenditure of money for any purpose,
in excess of the amounts appropriated for that general
classification of expenditure pursuant to this charter. Any
contract, verbal or written, made in violation of this char-
ter shall be null and void.

APPROPRIATIONS LAPSE AFTER ONE YEAR

48. All appropriations shall lapse at the end of the
budget year to the extent that they shall not have been ex-
pended or lawfully encumbered. Any unexpended and un-
encumbered funds shall be included in the next year's
budget as surplus.

CHECKS

49. All checks issued in payment of salaries or other
municipal obligations shall be issued and signed by the
mayor and shall be countersigned by the chairman of the

council.

TAXABLE PROPERTY

50. All real and tangible personal property within the
limits of the Town of Mount Airy, or which may have a
situs there by reason of the residence of the owner therein,
shall be subject to taxation for municipal purposes, and
the assessment for said purpose shall be the same as that
for state and county purposes.

BUDGET AUTHORIZES LEVY

51. From the effective date of the budget, the amount
stated therein as the amount to be raised by the property
tax shall constitute a determination of the amount of the
tax levy in the corresponding tax year. The rate of the