The tax levy which was laid in August of the year 1930, having been laid to cover a period of twelve months only, and, by the terms of this Act the beginning and ending of the fiscal year having been changed from the first Monday in May to the first day of July, therefore for the years 1930 and 1931, the fiscal year shall terminate upon the first Monday in May 1931 and the books and all accounts shall close upon that day; the present officers of the City, however, shall hold over and continue their term of office until July first as set forth in section 5 of this Act; when the levy is laid in August 1931, the same will be to take care of the expense of the City from the first Monday in May 1931 to the first day of July, 1932, and may be fourteen-twelfth times the levy authorized to general purposes by section 11-8-7, West Virginia Code, and there shall be a sufficient levy to take care of the sinking fund and interest on the bonded indebtedness of the City for a period of fourteen months.