Chap. 42.—An ACT to authorize the city of Newport News to borrow a sum not
exceeding forty thousand dollars and issue bonds therefor to be used for the
purchase of municipal equipment for said city. [H B 39]

Approved February 21, 1928.

1. Be it enacted by the general assembly of Virginia, That in
addition to any other indebtedness of the city of Newport News
and the certificates of debt or bonds which the said city has, from
time.to time issued, the council of said city may, by a four-fifths
vote thereof, in the name of and for the use of said city, cause to
be issued bonds or certificates of indebtedness (the form of which
shall be prescribed by the council) to an amount of forty thousand
dollars, bearing interest of a rate not to exceed six per centum
per annum, and pavable in the discretion of the council in not more
than ten vears, which said bonds may be either sinking fund or
serial bonds, as the council may determine. The proceeds received
trom the sale thereof shall be used by the city in the purchase of
equipment for use by said city. There shall annually be assessed,
levied and collected upon all taxable property of the city of Newport
News, subject to city taxation, a tax sufficient to provide for the
payment of the principal and interest of said bonds.

2. Because of the urgent necessity by the city for this equip-
ment, an emergency is hereby declared to exist, and accordingly
this act shall be in force and effect from its passage.