Chap. 93.—An ACT to provide for the issuance of $150,000 of bonds by the city
of Newport News, for the repayment of funds borrowed and expended
in the construction of the concrete roadway on certain streets and ave.
nues. {H B 141]

Approved March 4, 1918.

1. Be it enacted by the general assembly of Virginia, That in
addition to the present indebtedness of the city of Newport News
and the certificates of debt, or bonds, which the council of said city
is otherwise authorized by law to issue, the council of the said city
may, in the name and for the use of said city, cause to be issued
certificates of debt or bonds (the form of which shall be prescribed
by the council) to the amount of one hundred fifty thousanc
dollars ($150,000), payable in United States currency, bearing rate
of interest not exceeding six per centum (6%) per annum, payable
in the discretion of the council, in not less than thirty (30) nor
more than forty (40) years from their date; provided, however
that the money arising from the sale of the said bonds shall be
nsed and applied by the said city in the payment of the indebted
ness which it has incurred in the construction of the concrete road.
way on certain streets and avenues leading from Camp Hill, at th
northerly city limits, through the city to the city limits at Cam}
Stuart, and to take up and redeem the evidences of indebtednes:
already issued by the said city for the said sum of money hereto
fore borrowed by it and so expended.

2. On account of the fact that the evidences of debt now out
ttanding for said sum of money bearing a higher rate of interes
than the said bonds will bear, an emergency is hereby declared, and
this act shall be in force from its passage.