Chap. 27.—An ACT tv amend and re-enact chapter 8 of an act to incorporate the
city of Danville, approved February 17, 1890, as heretofore amended.
B 43]
Approved February 17, 1926.

1. Beit enacted by the general assembly of Virginia, That chap-
ter eight of the act entitled an act to incorporate the city of Danville,
approved February seventeenth, eighteen hundred and ninety, as
heretofore amended, be, and it is hereby amended and re-enacted so
as to read as follows:
Section 1. The council may issue bonds of the city of Danville for
any municipal purpose.

Section 2. Except as otherwise provided in this chapter, no bonds
of the city of Danville shall be issued until the question of issuing them
shall have first been submitted to the qualified voters of the city ata
general or special election and shall have been approved by two-thirds
of such voters voting on the question of such issue, which two-thirds
shall include a majority of the qualified registered voters owning real
estate in said city and voting in such election on the question of such
issue. The question or proposition submitted to the voters as aforesaid
shall state in general terms the purpose or purposes of the proposed
bond issue and the actual or maximum amount of the bond issue. All
other details of the bond issue shall be left to be determined by the
council of the city of Danville. At least twenty days before any elec-
tion at which the question of issuing bonds of the city is to be submitted
to the voters of the city, the treasurer and the commissioner of revenue
of the city shall prepare and file in the office of the clerk of the corpo-
ration court of the city of Danville a list of the qualified registered
voters owning real estate in said city and shall cause the said list to
be published as a whole at one time, or in parts from time to time in
one or more newspapers published in the city of Danville. At any
time after said list is published before the election until sundown of the
day preceding the election, objections to the accuracy of the list and
any correction thereto may be presented to the judge of the corpo-
ration court, who shall hear and determine all such and his determi-
nation shall be conclusive. On the day preceding such election the
judge of the corporation court shall certify the corrected list of the
qualified registered voters owning real estate in said city as provided
for herein and such list so certified by him for the purpose of conduct-
ing the election and determining its results shall be taken as final and
conclusive. _ No question as to the validity of such an election, or as
to the determination of the result thereof shall be raised in any court,
except in an action or proceeding commenced within ten days after
the determination of the result of said election.

Section 3. The council may, without submitting the question of
their issuance to the qualified voters of the city, issue bonds in any
amount or amounts for the purpose of refunding bonds of the city
heretofore issued, and the council may also without submitting the
question of their issuance to the qualified voters of the city, in the
name and for the use and benefits of said city, issue, negotiate, and
sell bonds in any amount or amounts not exceeding two hundred and
fifty thousand dollars ($250,000.00), in any one calendar year for any
and all other purposes; provided, however, that not more than one
hundred thousand dollars ($100,000) of bonds shall be issued in any
one calendar year when the proceeds for the sale thereof shall be used
for the purposes other than for the purpose of erecting, enlarging, ex-
tending, or improving the revenue producing utilities or properties
of the city.
Section 4. All bonds of the city of Danville hereafter issued ex-
cept refunding bonds, shall be made payable within the probable life
of the improvement or undertaking on account of which they are to
be issued. The determination of or by the council as to the probable
life of any such improvement or undertaking shall be conclusive.
The probable life of any improvement or undertaking shall not be
deemed to be more than thirty years; provided, however, that the
probable life of real property acquired by the city may be deemed to
be as long as forty years. In case of a bond issue for several different
purposes, having different probable periods of usefulness, the council
shall determine the average of said period, taking into consideration
the amount of bonds to be issued on account of each purpose for which
a period is determined and the bonds shall mature within such aver-
age period.

Section 5. All bonds of the city of Danville hereafter issued shall
be serial bonds, that is to say, the aggregate principal amount of the
bond issue shall mature in annual installments, commencing not more
than two years after the date of the bonds, which annual installments
shall be equal.

Section 6. No ordinance or resolution authorizing the issuance
of bonds of the city of Danville shall be finally adopted by the council
unless it shall have been introduced in the council at least thirty days
before its final adoption.

Section 7. Whenever the issuance of bonds of the city has been
duly authorized by the council of the city without the approval of
the voters and a recognized emergency exists, the council may borrow
money in anticipation of the receipt of the proceeds of the sale of the
bonds and within the maximum authorized amount of the bond issue.
Such loans shall be paid not later than twelve months after they are
made, and shall be paid out of the proceeds of the sale of said bonds.
The council may also borrow money in anticipation of the collection
of the taxes and revenues in the city, in any amount or amounts not
exceeding one hundred and fifty thousand dollars ($150,000.00) at
any one time. The council may issue negotiable notes or other evi-
dences of debt for all money borrowed under this section. Such notes
or other evidences of debt may be renewed from time to time, but all
such notes or other evidences of debt shall mature within twelve
months. No money shall be borrowed under this section at a rate
of interest exceeding six (6) per centum per annum. The said notes
or other evidences of debt may be disposed of by public or private
negotiations. The issuance of such notes or other evidences of debt
may be authorized by resolution of the council.

Section 8. The city of Danville shall not issue bonds or other
interest bearing obligations to an amount, which including existing
indebtedness, shall, at any time, exceed eighteen (18) per centum of
the assessed valuation of real estate in said city, subject to taxation,
as shown by the last preceding assessment for taxes; provided, how-
ever, that in determining this limitation to incur indebtedness, there
shall not be included the classes of indebtedness specifically provided
for in subdivision (a) and (b) of section one hundred and twenty-
seven of the Constitution of Virginia.
Section 9. The full faith and credit of the city of Danville shall
be deemed to be pledged for the punctual payment of the principal of
and interest on every bond and note issued under this act. The coun-
cil of the city of Danville shall have power to annually levy and col-
lect a tax ad valorem upon all taxable property of the city, sufficient
to pay the principal and interest on all bonds issued under this act,
as such principal and interest become due; provided, however, that
such tax may be reduced by the amount of other moneys appropriated
and actually available for said purposes. The council shall annually
set aside from the resources of the city a sum not less than one (1) per
centum of the aggregate bonded indebtedness of the city, not payable
within one year, whether heretofore or hereafter contracted, except
that no sinking fund shall be required for bonds heretofore or here-
after issued in serial form; provided, however, that nothing herein con-
tained shall be construed to authorize the council to discontinue any
sinking fund which may be required for bonds issued pursuant to clause
B, section one hundred and twenty-seven of the Constitution of Vir-
ginia of nineteen hundred and two. The fund thus set aside shall be
called the sinking fund 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 sinking fund may be invested in the
bonds or other certificates of indebtedness of said city, or of the State
of Virginia, or the United States, or of any other State in the Union.

2. All acts or parts of acts inconsistent with this act are hereby
repealed.

3. An emergency existing, this act shall take effect from its pas-
sage.