Chap. 67.—An ACT to authorize the city of Norfolk to issue bonds to fund cer-
tain temporary loan notes or other obligations. [S B 100]

Approved February 27, 1932

1. Be it enacted by the general assembly of Virginia, That the
city of Norfolk shall have power to issue its bonds in an aggregate
principal amount not exceeding four million dollars ($4,000,000.00),
and to apply the proceeds of the sale thereof to the funding or pay-
ment of outstanding temporary loan notes or other obligations here-
tofore issued by the city of Norfolk in anticipation of the receipt of
taxes and revenues of the then current fiscal year or to the funding or
payment of any temporary loan notes or other obligations issued in
renewal of any such outstanding temporary loan notes or obligations.

2. Such bonds shall be issued in the manner provided by the
Norfolk charter of nineteen hundred and eighteen, as amended, for
the issuance of bonds for the purpose of refunding the obligations of
the city created before April first, nineteen hundred and sixteen, ex-
cept as herein otherwise provided. The provisions of section eighty-
six of the said charter, concerning the period for which debts may be
contracted and concerning the filing of a certificate by the director
of public works, shall not apply to the said bonds. Said bonds may
be issued either all at one time or in separate issues from time to time,
as may be determined by the council of said city. Each issue of said
bonds shall mature and be payable in annual installments, the first
of which annual installments may be made payable at such time, not
more than four years after the date of said issue of bonds, as may
be determined by the council of said city of Norfolk in the ordinance
authorizing the issuance of said bonds, and the last of which annual
installments shall be made payable at such time, not more than twenty
years after the date of said issue of bonds, as may be determined in
said ordinance. Such annual installments may be equal or unequal,
as the council may prescribe; but if unequal, the greatest of said in-
stallments shall not be more than double the amount of the smallest.
All of the provisions of the said charter relating to the payment of
serial bond of the city of Norfolk shall apply to the bonds hereby
authorized, except as herein otherwise provided.

3. The council of said city of Norfolk shall have power to pro-
vide in the ordinance adopted for the purpose of authorizing the is-
suance of said bonds or of any issue of said bonds, that any matured
bonds or any matured interest coupons evidencing the interest payable
upon such bonds shall be received by said city at par in payment of
any taxes, and interest and penalties accrued thereon, heretofore or
hereafter levied upon property by said city, and any such provision
contained in said ordinance shall, after the bonds authorized thereby
have been issued, be irrevocable.

4. An emergency existing by reason of the fact that immediate
steps must be taken for the purpose of providing funds necessary for
the payment of the said outstanding temporary loan notes or other
obligations, this act shall be in force from its passage.

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