Chap. 32.—An ACT to amend and re-enact section 1, of chapter 8, of the charter
of the city of Danville, Virginia, approved February 17, 1890, entitled an act
to incorporate the'city of Danville, relating to temporary loans, the borrow-
ing of money, the limit of oustanding indebtedness, the issuing of certain
bonds in serial form, to be made payable in annual instalments, tc the right
of the city council to create debts and to the maintenance of a sinking fund
for certain bonds of said city; as amended and re-enacted by an act approved
February 19, 1900, as amended and re-enacted by an act approved February
1, 1901, as amended and re-enacted by an act approved March 8, 1902, as
amended and re-enacted by an act approved December 12, 1903, as amended
and re-enacted by an act approved on the fifth day of February, 1916, as
amended and re-enacted by an act approved March 16, 1916. [H B 134]

Approved February 17, 1922.

‘1. Be it enacted by the general assembly of Virginia, That section
one, chapter eight, of the charter of the city of Danville, Virginia,
relating to the improvement of roads in Pittsylvania county, tem-
porary loans, the borrowing of money, the limit of outstanding 1n-
debtedness, the issuing of certain bonds in serial forms to be made
payable in instalments, to the right of the city council to create debts
and to the maintenance of a sinking fund for certain bonds of said
city; as amended and re-enacted by an act approved February nine-
teenth, nineteen hundred, as amended and re-enacted by an act ap-
proved February first, nineteen hundred and one, as amended and
re-enacted by an act approved March eight, nineteen hundred and two,
as amended and re-enacted by an act approved December twelfth,
nineteen hundred and three, as amended and re-enacted by an act
approved on the fifth day of February, nineteen hundred and sixteen,
as approved and re-enacted by an act approved March sixteenth, nine-
teen hundred and sixteen, be amended and re-enacted so as to read
as follows:

Sec. 1. The council shall have power and authority, in the name
and for the use and benefits of said city, to borrow money on tem-
porary loans for a period not exceeding twelve months and for an
amount not exceeding, in the aggregate at any one time, the sum of
one hundred and fifty thousand dollars ($150,000.00), and issue there-
for notes, bonds or other evidences of debt.

The council shall also have power and authority, in the name and
for the use and benefit of said city, to borrow money and contract
debts, and issue, negotiate and sell notes, bonds and certificates of
debt ; and, moreover, to issue, negotiate and sell bonds of the city
to be used in the payment, discharge and redemption, or refunding
of any outstanding bonds of said city, whenever said bonds shall
mature or become subject to call. But said city shall not issue bonds
or other interest bearing obligations for any purpose, or in any man-
ner, to an amount, which, including existing indebtedness, shall
at any time exceed eighteen per centum of the assessed valuation
of the real estate of said city, subject to taxation, as shown by the
last preceding assessment for taxes; provided, however, that in de-
termining this limitation to incur indebtedness, there shall not be
included the classes of indebtedness specifically provided for by sub-
sections (a) and (b) of section one hundred and twenty-seven of the
Constitution of Virginia.

That no bonds issued by the council of the city of Danville for
and on behalf of said city, after July first, nineteen hundred and
twenty-two, shall be made payable a greater number of years after
their date than the estimated life of the improvement or undertaking
on account of which the debt is to be created; provided, that in no
event shall a debt of said city be made payable more than thirty years
after the date thereof, and provided further, that the city council
may determine the estimated life of any’ such improvement or under-
taking and the judgment of the council in making said estimate shall
be conclusive.

That all bonds, including refunding bonds, issued by said city
council, for and on behalf of said city, after July first, nineteen hun-
dred and twenty-two, shall be issued in serial form, that is to say,
the aggregate of the principal of the debt to be created shall be
divided into equal annual instalments, payable annually, with the first
annual instalment falling due one year after the date of said bond,
with interest payable annually or semi-annually, as the council may
determine; provided; however, that nothing herein contained, shall
be construed to require the issue in serial form of bonds or other
obligations issued in anticipation of the collection of the revenue of
said city for the then current year, and maturing within one year
from the date of their issue.

Except for the current expenses aforesaid, except for the said
bonds issued to refund the bonded indebtedness of said city, and ex-
cept as to such bonds as the council of said city may issue, negotiate
and sell to raise funds for the erection, enlargement, extension, main-
tenance and repair of the gas, water, and electric plants, or works,
of the city, and other public utilities from which the city derives a
revenue, said council shall not, in the name of the city contract any
debt or issue any bonds or other evidences of debt, in an amount
exceeding ten thousand dollars, until the question of contracting such
indebtedness or issuing such bonds, or other evidences of debt, shall
have been first submitted to a vote of the qualified voters of the city,
and shall be approved by two-thirds of such voters, voting at such
election, which two-thirds shall include a majority of the qualified
registered voters owning real estate in said city; provided, that said
council shall have the power to issue, negotiate and sell bonds of
the city of Danville to the amount of, but not exceeding, one hundred
thousand dollars, when the proceeds from the sale thereof is to be
used exclusively for the erection, enlargement, extension or repair
of the gas, water, electric and other revenue producing plants or
works of said city, without submitting the question to the vote of
the people.

The council shall annually set aside from the resources of said
city a sum equal to one per centum of the aggregate bonded indebted-
ness of said city, not payable within one year, whether heretofore
or hereafter contracted, except that no sinking fund shall be required
for bonds: hereafter issued in serial form; provided, however, that
nothing herein contained shall be construed to authorize the council
to discontinue any sinking fund which may be required for bonds
issued pursuant to clause (b) of section one hundred and twenty-
seven, of the Constitution of Virginia of nineteen hundred and two.
rhe fund thus set aside shall be called the “Sinking Funds” and shall
be applied to the payment of the bonded indebtedness of said city
as it shall become due, and if no part be due and payable, the sink-
ing fund shall be invested in the bonds or other certificates of in-
debtedness of said city, or of the State of Virginia, of the United
States, or of any other State of the Union.

2. An emergency: existing, this act is hereby declared an emer-
gency act, and shall be in force from its passage.