Chap. 125.—An ACT authorizing the councils of the city of Norfolk to issue
bonds not exceeding $500,000 to redeem and retire $500,000 of bonds matur-
ing May 1, 1901, and providing for water tax.

Approved February 14, 1901.

1. Be it enacted by the general assembly of Virginia, That. the councils
of the city of Norfolk are hereby authorized to issue and sell bonds of the
city of Norfolk to an amount not exceeding five hundred thousand dollars,
pavable at such time, not to exceed thirty years from their dates, and to
bear such rate of interest, not exceeding five per centum per annuin,
as the said councils may determine. The net proceeds realized from the
sale of the said bonds shall, with such other funds as the councils may
appropriate for the purpose, be used for the purpose of redeeming and
retiring the bonds amounting to five hundred thousand dollars matering
on May first, nineteen hundred and one, and issued pursuant to an act,
passed January fourteenth, eighteen hundred and sixty-seven, entitled
an act to authorize the city of Norfolk to construct water-works for the
use of the people of said city and the amendments thereto. The net
revenue derived from the water-works of the city for each vear shall be
used, so far as sufficient or as may be necessary, to mect the interest ac-
cruing during said year on all bonds now or hereafter issued for the
improvement and extension of said water-works, including the bonds
issued under this act. Any surplus at the end of anv vear after paving
the interest as above provided may be appropriated by the councils for
such purposes as they may deem proper; and the councils of the city
of Norfolk are authorized, if necessary. in order to meet the interest on
all the bonds now or hereafter issued for the extension or improvement of
the water-works of the city, to levy a special tax to be known as the
water tax upon all property in said city, real and personal, and on such
other subjects as may be assessed with state taxes against persons residing
in said city; the said levy to be made in the mod» prescribed by Jaw and
the constitution of the state for the levy of other taxes by said city. An
account of bonds issued under this act shall be kept by the board of
sinking fund commissioners and also by the city treasurer.

2. All acts or parts of acts in conflict herewith are hereby repealed.

3. This act shall be in force from its passage.