CHAPTER 104

An Act to amend and reenact §§ 4 and 7 of Chapter 11 of Chapter 198 of
the Acts of Assembly of 1950, approved March 14, 1950, which pro-
vided a new charter for the city of Martinsville, Virginia, the amended
sections relating to bond issues.

[H 239]

Approved March 1, 1954
Be it enacted by the General Assembly of Virginia:

1. That §§ 4 and 7 of Chapter 11 of Chapter 193 of the Acts of Assembly
of 1950, approved March 14, 1950, be amended and reenacted as follows:

§ 4. All bonds of the city of Martinsville hereafter issued shall be
serial bonds, that is to say, the aggregate principal amount of the bond
issue shall mature in annual installments, commencing not more than two
(2) years after the date of the bonds *.

§ 7. Irrespective of the provisions of Chapter 1, § 2, paragraph
(1) of this charter relating to the tax limit on real and personal property,
the full faith and credit of the city of Martinsville shall be deemed to be
pledged for the punctual payment of the principal of and interest on
every bond and note issued under this act. The council of the city of Mar-
tinsville shall have power to annually levy and collect a tax ad valorem
upon all taxable property in the city, sufficient to pay the principal and
the interest on all bonds issued under this act, as such principal and
interest become due; provided, however, that such tax may be reduced
by the amount of other moneys appropriated and actually available for
said purposes. The council shall annually set aside from the resources of
the city a sum not less than one (1) per centum of the aggregate bonded
indebtedness of the city, not payable within one year, whether heretofore,
or hereafter contracted, except that no sinking fund shall be required for
bonds heretofore or hereafter issued in serial form; provided, however,
that nothing herein contained shall be construed to authorize the council
to discontinue any sinking fund which may be required for bonds issued
pursuant to Clause B, § 127 of the Constitution of Virginia of nineteen
hundred and two. The fund thus set aside shall be called the sinking fund
and shall be applied to the payment of the bonded indebtedness of said
city, as it shal] become due, and if no part be due and payable, the sinking
fund may be invested in the bonds or other certificates of indebtedness
of said city, or of the State of Virginia, or the United States, or of any
other State in the Union.
2. An emergency exists and this act is in force from its passage.