Chap. 291.—An ACT to Amend the Charter of the City of Richmond.

Approved March 29, 1878.

1. Be it enacted by the general assembly, That the sixty-
seventh section of an act approved May twenty-fourth, eigh-
teen hundred and seventy, as amended by an act approved
July eleventh, eighteen hundred and seventy, to provide a char-
ter for the city of Richmond, be amended and re-enacted so as
to read as follows:

§ 67. The city council may, in the name and for the use of
the city, contract loans, or cause to be issued certificates of
debt or bonds; but such loans, certificates or bonds shall not
be irredeemable for a period greater than thirty-four years:
provided, however, that they shall not contract such loans or
issue such certificates of debt or bonds for the purpose of sub-
scribing to the stock of any company incorporated for a work
of internal improvement or other purposes without first being
authorized so to do by three-fourths of the legal voters of the
city voting on the question, and the council shall, when such
debt or loan is created, provide a sinking fund for the payment
of the same. Neither shall the city endorse the bonds of any
such company without the same authority: provided, however,
that the said council may issue or cause to be issued bonds for
other purposes than those for railroad or internal improvement
| companies, and the said bonds or interest bearing debt of the
city of Richmond so issued, shall not exceed twenty per centum
of the assessed value of the taxable real estate of the said city,
and any excess of such bonded or interest-bearing debt over
and above the limit herein prescribed, which may be created or
issued in violation of this provision, shall be void as to said city.
; 2. This act shall be in force from its passage.