Chap. 123.—An ACT to amend and re-enact section 1 of chapter 8 of the charter
of the city of Danville, Virginia, as amended and re-enacted by an act ap
proved February 19, 1900, as amended and re-enacted by an act. approved Feb-
ruary 1, 1901,

Approved March 8, 1902.

1. Be it enacted by the general assembly of Virginia, That section one.
chapter eight, of the charter of the city of Danville, Virginia, as amended
and re-enacted by an act approved February nineteenth, nineteen hun-
dred. as amended and re-enacted by an act approved February first, nine
teen hundred and one, be amended and re-enacted so as to read as follows:

Chapter eight. section one-—The council may. in the name and fo!
the use and benetit of said city, subscribe and contribute in money, bonds,
or otherwise to the cost of making, repairing, or improving any public
roads in PittsvIvania county leading to said city. and may subscribe t
the stock of any company incorporated for the purpose of constructing
ny improved or artificial road to said city, and to the stock or other
ncorporated companies: provided, that the question of such subscriptions
nd contributions shall have first been submitted to a vote of the quali-
ed voters of said city, and shall be approved by two-thirds of such
oters voting at such election, which two-thirds shall include a majority
f the qualified registered voters owning real estate in said city; but said
ouncil may by a three-fourths vote of all its members, and without a
ote of the people, as above provided for, subscribe and contribute out
f the general fund under its control, not otherwise appropriated, sums.
lot exceeding in the aggregate five thousand dollars in any one year,
o the cost of making, repairing, or improving any public roads in Pittsyl-
ania county leading into said city. ‘The council shall have power and
uthority, in the name and for the use and benefit of said city, to borrow
noney on temporary loans for periods not exceeding four months and
or amounts not exceeding in the aggregate at any time the sum of fifty
housand dollars, and issue therefor notes and other evidences of debt.
[he council shall also have power and authority, in the name and for the
se and benefit of said city, to borrow money and contract debts, and
ssuc, negotiate, and scll notes, bonds, and certificates of debt, and, more-
ver, to issue, negotiate, and sell bonds of the city to be used in the pay-
nent, discharge, and redemption or refunding of any outstanding bonds
nf said city whenever said bonds shall mature or become subject to call.
I'he bonded indebtedness of said city shall not at any time exceed the
um of fourteen hundred and sixty thousand dollars, inclusive of a sub-
<cription of two hundred and fifty thousand dollars to the Mount Rogers
ind Eastern Railroad Company, should such be made, which said sum of
two hundred and fifty thousand dollars shall not be applied to or used
for any other purpose than for said subscription to said road; and no
debt of said city shall be payable more than thirty-four years after the
date thereof, except for the current expenses aforesaid, and the said bonds
issued to refund said bonded indchtedness 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 excecding 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 ap.-
proved by two-thirds of such voters voting at such election, which two-
thirds shall include a majority of. the qualified registered voters owning
real estate in said city. The council shall annually set aside from the
Tesources of said city a sum equal to one per centum of the aggregat.
bonded indebtedness of said city, not payable within one year, whethe:
heretofore or hereafter contracted. The fund thus sct aside shall be
called the sinking fund, and shall be applied to the payment of th
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 o
certificates of indebtedness of the 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.