Chap. 84.—An ACT to authorize municipal corporations to issue bonds for the
redemption of outstanding bonds.

Approved March 7, 1903.

1. Be it enacted by the general assembly of Virginia, That any munici-
pal corporation having issued bonds under any previous act, shall have
the power and authority, and the same is hereby conferred upon them, to
provide by ordinance for the redemption and liquidation of said bonds,
upon their falling due, or upon this becoming subject to call, or otherwise,
by the issuance of new bonds. Said new bonds shall not exceed in amount
the original bonds to be redeemed; they may be registered or coupon, and
may be sold to the highest bidder for cash at not less than par: provided,
no such new bonds shall be of a higher rate of interest than six per centum
per annum; and, provided further, that the proceeds of the sale of the
new bonds so issued shall be used only in the payment of the old bonds
subject to call, redemption, or otherwise, or those that may become subject
to call, redemption, or otherwise maturing: provided, that the bonds issued
under this act shall be pavable in law ful money of the United States;
and that a proper sinking fund shall be created and maintained for the
redemption of such bonds.

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