Chap. 112.—An ACT to authorize the common council of Winchester to issue
$50,000 of refunding improvement bonds in the sum of $50,000 and pre
scribing the terms and conditions of said issue. [S B 255]

Approved March 9, 1918.

Whereas, the common council of the city of Winchester has
contracted debts in the name of the city of Winchester and for its
use in the aggregate of fifty thousand ($50,000) dollars, which sum
has been expended in the extension of the sewage system of the said
city and for permanent improvements; and,
Whereas, said indebtedness is now evidenced by short-term obliga-
tions of the said city of Winchester, and it is proper and desirabl
that long-term bonds of the city be issued and sold and the proceeds
thereof be used to discharge said fifty thousand ($50,000) dollars
of indebtedness; and,

Whereas, if the bonds provided for by this act shall be issued the
total bonded indebtedness of the city of Winchester will be less
than eighteen per centum of the assessed valuation of the real estate
in said city, subject to taxation, as shown by the last assessment for
taxation; now, therefore,

First. Be it enacted by the general assembly of Virginia, That
the common council of the city of Winchester, Virginia, be au-
thorized at any time, within one year after the passage of this act,
to issue bonds of the city of Winchester in such denominations as
the council may determine, to bear interest not to exceed five per
centum per annum, and to mature at such time that the council may
determine, not to be more than thirty years after date; provided, the
ordinance authorizing the issuance of said bonds and fixing the terms
thereof shall be passed by a recorded affirmative vote of at least two-
thirds of the members elected to the common council of Winchester
as provided by its charter.

Second. Said bonds shall be in such form as the common coun-
cil of said city may determine.

Third. Provisions shall be made pursuant to existing law for the
creation of a sinking fund applicable to the retirement of said bonds.

Fourth. 'The proceeds from said bonds shall be wholly expended
in the retirement of said existing indebtedness of fifty thousand
($50,000) dollars now due by the city of Winchester as aforesaid.
And said indebtedness, when paid from the proceeds from the sale
of said bonds, shall not be counted in estimating the debts the com-
mon council of Winchester is authorized to contract under its exist-
ing charter.

Fifth. It appearing that an emergency exists by reason of the
maturity of the obligations of the city of Winchester, it is ordered
that this act shall be in force from its passage.