Chap. 202.—An ACT to amend the Code of Virginia by adding thereto a new
section, numbered 3090-a, authorizing the council of any city or town in the
State of Virginia to issue bonds for the purpose of funding, refunding and
retiring existing bonds and other obligations. [H B 160]

Approved March 22, 1930

1. Be it enacted by the general assembly of Virginia, That the
Code of Virginia be amended by adding thereto a new section num-
bered three thousand and ninety-a to read as follows:

Section 3090-a. Whenever the council of any city or town in this
State may deem it desirable to refund and retire at maturity, any
bonds of such city or town, heretofore or hereafter issued for any
purpose whatever, either under the provisions of general statutes or
by virtue of some special act, or to fund any such bonds before matu-
rity, when the right to fund the same may exist, such council is hereby
given the right and authority so to do, and to issue new bonds for
such purposes.

Such new bonds shall recite the date of the bonds to be retired;
the authority under which issued; the date of the act authorizing
same, if by special act; the court by which the same was authorized
and the date of the order granting such authority, where such authori-
zation was required by statute; the purpose for which originally issued,
and any other facts reasonably necessary to preserve the identity of the
bonds to be retired.

Such new bonds shall be issued, and provision made for payment
of the interest thereon, and the principal at maturity, in accordance
with the provisions of chapter one hundred and twenty-two of the
Code of Virginia, and may be issued in such denominations, and made
to run for such periods of time, not to exceed thirty-five years, as
the council may deem expedient.

The council of any such city or town shall also have the right and
authority to issue new bonds, or certificates of indebtedness, for the
purpose of funding, refunding or redeeming any outstanding certifi-
cates or other form of obligations, issued for any indebtedness of such
city or town which was incurred prior to June nineteenth, nineteen
hundred and twenty-eight, such bonds or new certificates to be issued,
so far as may be practicable, in conformity with the foregoing provi-
sions concerning issuing new bonds.

2. An emergency existing, this act shall be in force from its
passage.