Chap. 451.—An ACT to amend and re-enact section 1 of chapter 8 of the charte:
of the city of Danville, Virginia, relating to power to subscribe to stock of ir-
corporated companies, to improvement of roads, and limit to outstanding debt.
ete., as amended and re-enacted by an act approved February 19, 1900, os
amended and re-enacted by an act approved February 1, 1901, as amended and
re-enacted by an act approved March 8, 1902.

Approved December 12, 1903.

Whereas, an emergency exists in the city of Danville requiring power i2
issue bonds for the improvement of its water works, by which water 1:
supplied to its inhabitants, and for other municipal purposes; therefor:,

1. Be it enacted by the gencral assembly of Virginia, That section
one, chapter eight, of the charter of the city of Danville, Virginia, n
lating to power to subscribe to stock of incorporated companies, to im-
provement of roads, and limit to outs{anding debts, and so forth, as
amended and re-enacted by an act approved February nineteen, ninetecn
hundred, as amended and re-enacted by an act approved February on-.
nineteen hundred and one, as amended and re-enacted by an act approve
March eighth, nineteen hundred and two, be amended and re-enacted s+
as to read as follows:

CHAPTER VIII.

$1. The council may, in the name and for the use and benefit of said
city, subscribe and contribute in money not otherwise appropriated, sums
not exceeding five thousand dollars in the aggregate in any one year, to
the cost of making, repairing, or improving any public roads in Pittsv!-
vania county leading into said city.

The council shall have power and authority, in the name and for the
use and benefit of said city, to borrow money on temporary loans for
periods not exceeding four months, and for amounts not exceeding in the
aggregate at any one time the sum of fifty thousand dollars, and issue
therefor notes or other evidences of debt.

The council shall also have power and authority, in the name and for
the use and benefit of said city, to borrow money and contract debts and
issue, negotiate, and sell notes, bonds, and certificates of debt: and, more-
over, to issue, negotiate, and sell bonds of the city to be used in the pay-
ment, discharge, and redemption or refunding of any outstanding bonds
of said city whenever said bonds shall mature or become subject to call.

The bonded indebtedness of said city shall not at any time exceed the
sum of fourteen hundred and sixty thousand dollars, and no debt of said
city shall be payable more than thirty-four vears after the date thereof.

Except for the current expenses aforesaid and the said bonds, issued to
refund the bonded indebtedness of said city. the said council shall not,
in the name of said city, contract. any debt, or issue any bonds or other
evidences of debt in an amount exceeding ten thousand dollars, until the
question of contracting such indebtedness shall have first been submitted
to a vote of the qualified voters of said city, and shall be approved br
two-thirds of such voters, voting at such clection, which two-thirds shal!
include a majority of the gnalified registered voters owning real estate
in said city. _
The council shall annually set aside from the resources of said city a
sum equal to one per centum of the aggregate bonded indebtedness of said
city, not payable within one year, whether heretofore or hereafter con-
tracted. 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 shall become due, and if no part be due and payable, the sinking
fund shall be invested in the bonds of other certificates of indebtedness
of said city, or of the State of Virginia, or of the United States, or of
any State in this union.

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