Chap. 302.——An ACT to authorize the city of Hampton, Virginia, to borrow
money and issue bonds in the amount of $10,000.00 to be used in the purchase
of a site and paying for certain skilled labor incident to the building of an
armory in said city, in conjunction with a United States Work’s Progress
Administration Project, 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 maturity. [H B 491]

Approved March 26, 1936

1. Be it enacted by the General Assembly of Virginia, That the
city of Hampton, Virginia, be, and it is hereby, authorized to borrow
the sum of ten thousand ($10,000.00) dollars to be used in the pur-
chase of a site and paying for certain skilled labor incident to the
building of an armory in said city, in conjunction with a United States
Work’s Progress Administration Project, 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 pay-
able 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.

2. That when the bonds have been issued 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 pur-
chased, 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 obliga-
tions of the city of Hampton.

3. That after the issuance of these bonds, as hereinafter provided,
the council of the city of Hampton shall annually levy a special tax on
all of the property subject to local taxation in the said city, sufficient
to pay the interest on the said bonds and to create a sinking fund to
redeem the principal thereof at maturity.

4. All acts or parts of acts in conflict herewith are hereby repealed.

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