Chap. 341.—An ACT to authorize the council of the city of Buena Vista to
issue bonds, and to provide for the payment of the same.

Approved February 14, 1900.
Whereas the city of Buena Vista desires to refund its outstanding

indebtedness at a lower rate of interest, and to pay off and discharge
its present floating debt; therefore,

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1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the council of the city of Buena Vista, for the purpose of
redeeming the outstanding bonds and paying the other indebtedness
of said city, to issue coupon or registered bonds in sums not less than
one hundred dollars and aggregating not more than eighty thousanc
dollars, at a rate of interest to be determined by said council, not tc
exceed, however, five per centum per annum, payable semi-annually.
Said bonds shall be signed by the president and attested by the clerk
of the council, and the proceeds thereof shall not be applied or used fo1
any other purposes than those herein specified. The said bonds shall
not be subject to any taxation whatever by the city of Buena Vista,
and the council of the said city shall, for the payment of the interest
on said bonds and to create a sinking fund to redeem the principal
thereof, annually set apart as a special fund one-third of the annual levy
of one dollar and fifty cents on each one hundred dollars assessed value
of real and personal property within the city limits, now authorized by
the city charter, and one-third of its annual receipts from all other
sources, except from water taxes or rents. It shall be the duty of the
city treasurer to keep said special fund separate from the other funds of
the city, and it shall be unlawful for the council of the city to make
any obligation receivable in payment of the taxes or other receipts
applicable to said special fund, or to provide that it may be paid other-
wise than in lawful money of the United States: provided, however,
that any surplus to the credit of said special fund at the end of any
fiscal year, after paying all interest on the bonds then outstanding and
setting aside a sinking fund of one per centum for the payment of the
principal of said bonds, may be appropriated to other city purposes.

The validity of the bonds authorized by this act shall not be impaired,
although the aggregate indebtedness of the city, at the time they are
issued, shall exceed ten per centum of the assessed value of the prop-
erty, real and personal, within the city limits. And such bonds shall be
issued to run for a period not exceeding thirty-four years from that date,
redeemable, however, at the pleasure of the council of said city, upon its
call, at the office of the city treasurer of said city after fifteen years from
date of said bonds.

2. This act shall be in force from its passage.