CHAP. 156.—An ACT to authorize the city of Hopewell to borrow money
and issue bonds therefor for permanent improvements in said city.

[H B 126]
Approved March 29, 1923.

1. Be it enacted by the general assembly of Virginia, That
the city of Hopewell, be and it is hereby, authorized to borrow
money and issue bonds within the limitations prescribed by sec-
tion one hundred and twenty-seven of the Constitution.

2. That such bonds shall be issued for permanent improve-
ments only within the said city in such series as the council of
the city may determine. And the said council is hereby au-
thorized to fix and establish the form and denomination of the
said bonds, and to provide when the same and interest thereon
shall become payable; provided, however, that all of said bonds
shall be made to mature in not exceeding thirty-five years from
the date of their issue. The said council may borrow money and
issue such bonds for such permanent improvements as it may,
from time to time, determine. |

8 That the faith, credit and property of the said city shall
stand pledged as security for the payment of the principal and
interest of all bonds issued pursuant to this act.

A. That before the issuance of such bonds, notice of the
proposed issue and the purpose or purposes to which the pro-
ceeds of any issue or issues of bonds shall be applied, shall be
published once a week for two consecutive weeks in some news-
paper having a general circulation in said city. The ordinance
authorizing the issue of such bonds shall set forth the purpose
or purposes to which the proceeds are to be applied and shall
be adopted by a majority of the entire membership of each
branch of the council and approved by the mayor; provided,
however, that if the mayor declines to approve any such ordi-
nance and shall veto the same, such bonds may be issued, not-
withstanding such veto, by a two-thirds vote of all the members
of both the board of aldermen and common council.

5. That such bonds shall be signed by the mayor and by
the city treasurer. That no bonds authorized and issued under
this act shall be sold for less than par, nor shall they bear in-
terest at a rate exceeding six per centum per annum.

The right is hereby reserved to the city of Hopewell to antic-
ipate the payment of any or all of said bonds at any interest
paying period after the expiration of one year from the date of
issue.

6. All acts or parts of acts in conflict with this act are here-
by repealed. .