CHAP. 141.—An ACT to authorize the city of Alexandria to compro-
mise the debt of the city, and to issue bonds in accordance with the
terms of snch compromise, and prescribing the mode in which the
payment of interest On such bonds may be enforced,

Approved February 27, 1879.

1. Be it enacted by the general assembly of Virginia, That
‘the city eouncil of Alexandria be and it is hereby authorized
and empowered to call in the outstanding bonds and evidences

-of indebtedness of the city of Alexandria of every description
whatsoever, owned on held by persons who may assent to the
provisions of this act, and surrender their bonds and evidences
of indebtedness, and to issue to such persons in lieu thereof,
and exchange therefor, registered coupon bonds.
2. The bonds so issued shall represent the full amount of the
principal of the bonds surrendered in exchange therefor, and
shall bear interest at such uniform rate as shall be agreed upon
between the city council and its creditors. They shall be in
denominations of one,ythousand, five hundred, and one hundred
dollars. ;

38. The arrears of interest on the securities so surrendered,
shall be compromised or settled upon such terms and in such
manner as may be hereafter agreed upon between the said city
council and its creditors.

4, The bonds issued under authority of this act shall bear
date the first day of.July, eighteen hundred and seventy-nine,
and be payable thirty years after their date, but redeemable at
any time prior thereto, at the pleasure of the city council. The
interest coupons shall be payable semi-annually on the first day
of January and the first day of July, at the city treasury, and
the said city council may give such Hens upon the municipal
property, or the revenue derived therefrom, to secure the prompt
payment of the interest coupons of the bonds provided for by
this act as it may deem proper.

5. The interest coupons of the bonds hereby authorized to
be issued, shall be receivable at and after maturity, at their
face value, in payment of all taxes, licenses, gas-bills, fines,
rents, debts and demands due the said city council, which shall
be so expressed on their face. And the said city council shall
not, by any law, rule or ordinance, discriminate against such
coupons as a medium for such payment, or offer a discount, or
rebate for payment in current money; but this provision shall
not be construed to require the collecting officers of said city
to make change in current money where coupons for a greater
amount than the bill for such taxes, licenses, gas-bills, fines,
rents, debts or demands are tendered in payment thereof.
Neither the said bonds, nor the said coupons, shall be taxable by
the said city council, whether held or owned by residents or non-
residents of the city, which shall also be expressed on their face.

6. The said city council snall create a sinking fund, to be
applied to the redemption and payment of the bonds issued
under and by authority of this act, and shall annually, until
such bonds are paid, levy and collect a tax, the proceeds of
which shall be paid into the city treasury to the credit of the
sinking fund.

7. The city council of Alexandria shall have no power to
increase its debt beyond the present amount thereof: provided,
however, that it shall be lawful for said city council to call in
all bonds issued under the act of February twentieth, eighteen
hundred and seventy-eight, and to issue in lieu thereof the
bonds hereby authorized, for the full amount of the principal
of the bonds originally surrendered and funded under said act
of eighteen hundred and seventy-eight.

8. The circuit or the corporation court of the city of Alex-
andria, or any state court which may have general jurisdiction
in that city, or the judges thereof in vacation, shall have juris-
diction and power, should default be made for thirty days in
the payment of the interest on the bonds issued under this act,
or any part of said interest, upon the application of the owners
of the unpaid coupons for such interest, or any one or more of
said owners, to compel the city council by mandamus, to levy
and collect a tax sufficient to meet all the interest then due on
such bonds, and to pay such interest as soon as the money
shall be received ; but should said city council fail or refuse to
levy and collect the tax aforesaid within thirty days after the
mandamus commanding it to do so shall have been served, or
in the event of the resignation of the members of the city
council, or a majority*of them, or the corporate authorities, to
evade the service of process in mandamus, or to avoid the levy-
ing of such tax, or in event of such resignation from any cause
or for any reason, then the said courts, and the judges thereof
in vacation, shall have power to levy such tax, and to appoint
one or more commissioners, at a reasonable compensation, to
collect it by distress or other process.

9, Nove of the provisions of this act shall apply to any
creditor of said city who does not accept the terms hereof, and
exchange his securities hereunder, nor shall said courts, or the
judges thereof, have any jurisdiction under this act, except in
favor of those who are holders of the coupons for interest on
the bonds hereby authorized to be issued.

10. The rate of interest upon the bonds héreby authorized to
be issued, and which may be issued under this act, shall be
fixed by the present city council of Alexandria, and none other,
between the time of the passage of this act and the thirtieth
day of June, eighteen hundred and seventy-nine.

11. Nothing contained in this act shali be construed to repeal
an act approved February twentieth, eighteen hundred and
seventy-eight, entitled an act to authorize the city council of
Alexandria to compromise the debt of the city, and to issue
bonds in accordance with the terms of such compromise, and
prescribing the mode in which the payment of the interest on
such bonds may be enforced.

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