Chap. 218.—An ACT entitled an act to amend and re-enact the fortieth
section of an act in force January 21, 1884, entitled an act providing
a charter for the city of Norfolk, and repealing the existing charter,
approved April 21, 1882.

Approved May 14, 1887.

1. Beitenacted by the general assembly of Virginia, That
section forty of the charter of the city of Norfolk, in force
January twenty-first, erghteen hundred and cighty-four, be
amended and re-enacted so that the same shall read as fol-
lows:

§40. The city councils 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 redeemable fora period greater than thirty-four years:
provided however that they shall not contract such loans nor
issue such certificates of debt or bonds for the purpose of
subscribing to the stock of any company incorporated for a
work of internal improvement, or other purposes, nor endorse
the bonds of any such company without first being autho-
rized so to do, at an election held in the manner provided by
law, by three fourths of the legal voters of the city, said
three-fourths to include a majority of the freeholders voting
at such election, and they shall not issue any such certificate
of debt or bonds, or issue any indebtedness in the namo of
or for or on account of the city, or increase the said indebted-
ness thereof at any time, to an amount greater than twenty
per centum of the assessed value of property, real and per-
sonal, set forth and contained in the rolls or books of assess-
ment of the commissioner of the revenue of the city for tax-
ation by the city.

2. This act shall be in force from its passage, and all acts
or parts of acts inconsistent herewith are hereby repealed.