CHAP. 245.—An ACT to authorize the issuance of $130,000.00 of bonds by
the city of Newport News, for school purposes. (H. B. 161.)

Approved March 16, 1916.

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, provided
such issue does not exceed the constitutional limit. The coun-
cil of the said city may, by a three-fourths vote of each branch,
in the name and for the use of said city, cause to be issued, cer-
tificates of debt or bonds (the form of which shall be prescribed
by the council), to the amount of one hundred and thirty thou-
sand dollars ($130,000), bearing a rate of interest not exceeding
six per centum per annum, and payable in the discretion of
the council, not less than thirty, nor more than forty years from
their date.

The money derived from the sale of said bonds shall be ex-
pended in acquiring the necessary real estate, and building, con-
structing and equipping public school buildings in the city of
Newport News, and a sinking fund shall be created and main-
tained for the redemption of said bonds at maturity, and shall
be applied to no other purpose.

2. No such certificates of debt, or bonds shall be issued,
unless and until the same shall have been authorized, and the
procedure followed as set out in an act of the general assembly
of Virginia, known as chapter two hundred and fifty-four, acts
of nineteen hundred and eight, entitled, “an act providing the
method by which cities and towns in this Commonwealth may
vote upon the issuance of bonds, contemplated by clause b of
section one hundred and twenty-seven of the Constitution,” ap-
proved March thirteenth, nineteen hundred and eight.

Sec. 3. The immediate necessity for raising the money for
the purposes, aforesaid creates an emergency and this act shall
be in force from its passage.