Chap. 164.—An ACT validating certain outstanding indebtedness for street pav-
ing of the city of Hampton, Virginia, and authorizing said city to borrow
money and issue bonds for the purpose of refunding such indebtedness, and
to require the council of said city annually to levy taxes to pay the interest
thereon and to create a sinking fund to redeem the principal thereof at ma-
turity. [H B 330]

Approved March 12, 1936

1. Be it enacted by the General Assembly of Virginia, That thirty
thousand dollars ($30,000.00) indebtedness for street paving in the
city of Hampton, evidenced by note for seventeen thousand dollars
($17,000.00) dated January first, nineteen hundred and thirty-six pay-
able at the Citizens’ National Bank of Hampton, Virginia, three
months after date and another note for thirteen thousand dollars
($13,000.00) paid by the said city from the general funds of said
city out of the revenue collected in the year nineteen hundred and
thirty-five, to save interest on said amount, the said notes having
been signed by the mayor and city manager of the said city, is
hereby validated, ratified and confirmed, and it is hereby declared
that the said notes and indebtedness constitutes a valid and legally
binding obligation of the city of Hampton, Virginia.

2. That the city of Hampton, Virginia, be, and it is hereby
authorized to borrow the sum of thirty thousand dollars ($30,000.00),
and to issue bonds of the city of Hampton, Virginia; to evidence
such indebtedness, the said bonds to be issued in such form, in
such denominations and to be payable at such time or times, not
exceeding thirty years from the date thereof, as the said city may
provide. Said bonds shall bear interest at the rate of not exceeding
six per centum per annum.

3, That when the issuance of said bonds has been authorized
in accordance with the provisions of this act, they shall be offered
to the sinking funds of the city of Hampton and the sinking fund
of the school board of the said city, and the said sinking funds shall
have the right to purchase said bonds at a price of par and accrued
interest. If the bonds are so purchased, the city of Hampton and/or
the school board of said city, or the officers of either having control
of the sinking funds, when they deem it advisable may dispose of
all of such bonds at one time or parts of said issue of bonds from
time to time upon the open market at the best price obtainable. If
it is determined that the sinking funds do not desire to purchase
said bonds, the city of Hampton may then sell said bonds at either
private or public sale for not less than par and accrued interest. Said
bonds when sold and delivered pursuant to the provisions of this act
shall constitute valid and legally binding obligations of the city of
Hampton.

4. That after the issuance of these bonds, as herein provided,
the council of the city of Hampton shall annually levy a special tax
on all of the property subject to taxation in the said city, sufficient
to pay the interest on said bonds and to create a sinking fund to
redeem the principal thereof at maturity.
5. All acts or parts of acts in conflict herewith are hereby re-
pealed.

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