Chap. 145.—An ACT to authorize the council of the city of South Norfolk to
borrow money not in excess of $200,000.00, and to issue its bonds therefor for
the purpose of funding and refunding certain school bonds becoming due in the
year 1930, outstanding notes or certificates of indebtedness, and to pay off the
floating indebtedness of the said city, and to provide for the levy of a tax to
pay interest on said bonds and to retire the same as they mature. [H B 133]

Approved March 20, 1930

1, Be it enacted by the general assembly of Virginia, That the
council of the city of South Norfolk be, and it is hereby, authorized to
borrow, from time to time, sums of money not exceeding two hundred
thousand dollars in the aggregate, and from time to time to issue
its bonds therefor (the form of said bonds shall be prescribed by said
council), the said bonds to be issued in such denominations and to be
payable at such time or times, not exceeding thirty years from the date
thereof, as the said council may provide. Said bonds shall bear interest
at not exceeding six per centum per annum, and shall not be sold for
less than par.

2. The bonds issued by the said council in pursuance of this act
shall be signed by the mayor of the city of South Norfolk, sealed with
the seal of said city, duly attested by the clerk of said city, and the
proceeds received from the sale of these bonds shall be used for the
purpose of funding and refunding certain school bonds, becoming due
in the year nineteen hundred and thirty, outstanding notes or certificates
of indebtedness, and to pay off the floating indebtedness of said city,
but no purchaser shall be required to see to the application of the pur-
chase money of said bonds.

The sale of said bonds may be conducted, negotiated and effected
in such manner as the council may determine and prescribe. The bonds
authorized by this act shall constitute the general obligations of the
city of South Norfolk and the full faith and credit of the said city is
hereby pledged for the payment of the principal and interest of said
bonds.

3. After the issuance of said bonds, and while said bonds or anv of
them remain outstanding, the council of the city of South Norfolk
shall, annually levy a tax on all real and personal property subject to
city taxation in said city sufficient to provide for the payment of interest
on the said bonds and to create a sinking fund to redeem the principal
thereof at maturity. |

4, All laws now in force, general or special, in conflict with this act
are hereby repealed so far as they affect the legality of the bonds pro-
vided for in this act, and all acts and parts of acts inconsistent with this
act are hereby repealed.

5. An emergency existing, this act shall be in force and effect from
its passage.