Chap. 71.—An ACT to authorize the mayor and council of the city of Wil-
liamsburg, in the county of James City, State of Virginia, to issue bonds
and borrow money for the purpose of building, repairing and maintaining
streets, sidewalks, and bridges, and extending water and sewer mains,
provided that the question of such bond issue, for the purposes named,
be first submitted to the qualified voters of said city, and to authorize such
council to call a special election for the submission of the same to the
voters thereof. [H B 93]

Approved February 23, 1918.

1. Be it enacted by the general assembly of Virginia, That the
1ayor and the council of the city of Williamsburg be, and they
ereby are authorized and empowered to issue and sell bonds of the
:id city, In an amount not to exceed in the aggregate the sum of
fty thousand dollars, as hereinafter provided, or as much thereof
s, added to the present indebtedness of the city, shall not exceed
he constitutional limitation of eighteen per centum upon municipal
ndebtedness; the proceeds of which shall be used by the said city
or the purpose of building, repairing and maintaining streets, side-
valks and bridges, and extending water and sewer mains, or for
ny of said purposes as may be prescribed by the said mayor and
ouncil and to meet all expenses connected therewith, as may be
letermined upon by the said mayor and council.

2, The said bonds shall be registered or coupon bonds, and shall
e issued in such denominations as the mayor and council may pre-
cribe; they shall bear interest at a rate not exceeding six per centum
yer annum, payable at such time and place as may likewise be
srescribed ; they shall be made to mature at the end of thirty years
from their date, but redeemable after fifteen years, at the option of
he council at any time. The said bonds shall be signed by the
mayor, and countersigned by the clerk of the council, and shall be
sold and negotiated in such manner as may be prescribed by the saic
mayor and council, provided that said bonds shall not be sold o1
negotiated for less than par value; the money received from the
proceeds of said bonds shall be paid over to the treasurer of the
sity of Williamsburg, and county of James City, and such par
‘lereof as shal] be expended shall be paid out only upon the warrani
of the said council, signed by the president of said council, anc
sountersigned by the clerk thereof. The said treasurer of the city
of Williamsburg and county of James City, and the surety on hi
official bond, shall be liable for the amount received from the sale o
the said bonds, as though it were a city levy, and the said treasure
shall receive for his services a commission of. one-half of one pe
centum on all funds coming into his hands, derived from the sale o
said bonds.

3. The council of said city shall have control of the expenditur
of the funds derived from the sale of said bonds; provided, however
that no part of said funds shall be used for any purpose other tha:
those herein provided; provided, further, that said bonds shall no
be issued or negotiated until a resolution duly passed by the sais
council has been presented to the judge of the circuit court of th
city of Williamsburg and county of James City, in term time or i
vacation, which resolution shall state the total amount of bonds
proposed to be issued, the rate of interest. they shall bear, and the
amount to be issued for each of the several purposes named herein,
but such resolution shall provide that a special election is to be held
in order that the qualified voters may vote as to whether or not there
shall be any issue of bonds for any one or more of the purposes
aforesaid, but the amount proposed for each purpose shall be named
in the resolution. The said court or judge thereof in vacation, upon
the presentation of such resolution, signed by the said mayor and
clerk of the council and by fifty qualified voters of the said city.
shall order a special election, upon the question whether such bonds
shall be issued or not. for an amount not to exceed fifty thousand
dollars and for the purposes in the said resolution contained, and
not inconsistent with this act. Such special election shall be con-
ducted in accordance with section ten hundred and thirty-eight-e of
Pollard’s Code of Virginia, excepting as is herein otherwise pro-
vided. There shall be separate ballot boxes, the one for frecholders
ballots and the other for non-freeholders ballots, and the said elec-
tion shall be so conducted as that the returns will show the number
of freeholders voting for and against the said bond issue. The said
bonds shall not be issued for any purpose aforesaid unless it shall
appear from the certificate of said election that a majority of the
qualified voters of said city voting upon the question are in favor of
issuing said bonds, and that said majority includes a majority of
the freeholders of said city voting at said election. Should said
election result in the required majority for any one or more of the
purposes designated hervin and by the said resolution of the council,
but against the remaining purposes, then the bonds may be issued.
at the discretion of the mayor and council, in the amount and for
the purposes so favored by the said election, and no other.

4. The expenses of said election shall be paid out of the treasury
of the said city. And any election held hereunder must be had with-
in twelve months after the passage of this act. _

5. No corporation tax shall be assessed or levied upon said bonds
by the city of Williamsburg.

6. The council shall provide by proper tax levy or appropriation
for the payment of interest on said bonds and the creation of a sink-
ing fund to retire said bonds at maturity. .

7. The council of said city shall, as the funds become available,
apply said sinking fund to the payment or purchase of any of said
bonds at any time, and all bonds so paid for or purchased by said
city council shall be immediately cancelled and shall not be reissued,
When the said city wishes to redeem any of its outstanding bonds
subject. to call, issued under the provisions of this act, it may,
through the president of the council of said city, give notice of its
readiness so to do to the holder, or holders, in person or by publica-
tion thereof once a week for two successive weeks, In a newspaper
published in said city, or nearest thereto. It shall be sufficient in the
notice to give the number and amount of each bond, and a fixed date
for its presentation for payment, which shall be not less than ten
days from the date of personal service of the notice or the completion
of the publication thereof, as the case may be. If the bond or bonds
be not presented on the day fixed for their redemption, interest there-
on shall cease from that date.