Chap. 793.—An ACT to authorize the city council of Alexandria to issue its
coupon bonds, called sewer and street improvement bonds, for the purpose of
constructing sewers and improving streets and alleys in the city of Alexan-
dria, and to provide for a sinking fund for the payment of said bonds.

Approved March 8, 1894.

1. Be it enacted by the general assembly of Virginia, That the
city council of Alexandria be, and it is hereby, authorized to issue
its coupon bonds, called sewer and street improvement bonds, to the
amount of two hundred thousand dollars, to bear interest at a rate
not to exceed five per centum per annum, payable semi-annually,
thirty years after the date of their issue, and any or all of said bonds
shall be redeemable at the option of the city council at any tim
after ten years from the date of their issue: provided, however, tha
no issue of said bonds under this act shall be made prior to Jun
first, eighteen hundred and ninety-four, and that said bonds shal
only be issued in annual series of not exceeding forty thousand dol
lars in any one series, and that no issue of any series of said bond:
shall be made unless the ordinance providing for the same shall re.
ceive the vote of a majority of all the members of each branch of}
the city council.

2. That full power and authority is hereby given to the mayor anc
city treasurer to prepare and issue the said bonds in such forms, and
each for such sum, as they shall prescribe. Each of the bonds shal.
be signed by the mayor and the city treasurer and countersigned by
the auditor of the city of Alexandria, with the corporate seal of the
said city affixed thereto, and each of the coupons shall have the
name of the treasurer affixed thereto. Full power and authority is
hereby given to the mayor and the city treasurer, in conjunction
with the finance committee of the city council, to make sale of the
said bonds, or any part or parcel thereof, as they may deem expe-
dient: provided that no such sale shall be made at a rate less than
their par value.

3. That said bonds shall be exempt from any and all taxation by
the said city council of Alexandria, and that said coupons shall be
received in payment of all dues to the said city council and of all
taxes levied or assessed by the said city council of Alexandria.

4, The funds to be derived from the sale of the said bonds shall
be deposited in the city treasury as a separate and especial fund,
which shall be known and styled as the sewer and street improve-
ment fund.

5. That the city council shall 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 sewer and street improvement tax of not less than
two per centum upon the total amount of all bonds issued under this
act, which shall be paid into the city treasury to the credit of the
sinking fund.

6. That the city council be authorized annually to levy and collect
a sewer and street improvement tax sufficient to pay the interest on
all bonds issued under this act.

7. That the mayor, treasurer, auditor, president of the board of
aldermen and the president of the common council shall compose
a board known as the sewer and street improvement commissioners
of the sinking fund, and shall have the power to invest any moneys
deposited with the treasurer of the city of Alexandria to their credit
from time to time, taking such security therefor as may be approved
by the finance committee of the city council of Alexandria.

8. That the city council shall not issue any bonds provided for in
this act until it has called a special election for the purpose and
submitted the question of issuing the bonds under this act to the
male freeholders of the city of Alexandria who are twenty-one years
old and who are not disqualified by the provisions of article three of
the constitution of Virginia, and be ratified by a majority of the
male freeholders of the city of Alexandria who are twenty-one years
old and who are not disqualified by the provisions of article three of
the constitution of Virginia, of the said city voting at eaid election.
The city council shall cause a notice of said election to be published
for thirty days in the newspapers of the city of Alexandria, and that
the said election shall be conducted in the same manner as the elec-
tion for state officers is conducted.

9. That if at such election a majority of such freeholders shall
vote to issue such bonds, the city council of Alexandria is hereby
authorized to enact such ordinances as may be necessary to carry
out and effectuate the provisions and the full intent and meaning of
this act.

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