Chap. 159.—An ACT to authorize the council of the city of Roanoke, Virginia, to
redeem the bonds of the town of Roanoke now outstanding, and the bonds of
the city of Roanoke now outstanding, as they become due and payable, or as
they may become redeemable, at the option of the city of Roanoke, and for that
purpose to borrow money and issue its bonds therefor.

Approved March 11, 1902.

Whereas, by an act of the general assembly of Virginia, entitled “an
act to amend and re-enact an act to incorporate the town of Big Lick,
ipproved February twenty-eighth, eighteen hundred and seventy-four,
ind all acts amendatory thereof,” it was enacted that the said town of
Big Lick should thereafter be called the town of Roanoke; and, |

Whereas, by the fourth section of said act it was provided that the
council of said town should have all the general powers vested in it by
the general laws of the State, and, in addition, shall have the following
»0wers: ‘T'o contract loans for corporation purposes and to issue therefor
the registered or coupon bonds or certificates of debt, payable not more
chan thirty-two years after date, and bearing interest at a rate not greater
than six per centum per annum: provided, that said loans should be
sanctioned by a two-thirds vote of the members of the council; and,

Whereas, by an ordinance passed July nineteenth, eighteen hundred
and eighty-three, by the said town council of Roanoke, in order to bor-
row money for drainage purposes, it was ordered that fifteen thousand
dollars’ worth of bonds of the town of Roanoke, with coupons attached,
and payable to the bearer, should be issued im the denomination of two
hundred and fifty dollars each, and bearing interest at the rate of six
per centum per annum, payable at the office of the treasurer of said town
upon the delivery of the proper coupons attached thereto. Said bonds
being payable in twenty-five years from the date thereof, viz., on July
nineteenth, nineteen hundred and eight; and,

Whereas, the city of Roanoke is the successor of the town of Roanoke
aforesaid, and the city now has the right, and is required, to pay off the
said bonds when they become due; and,

Whereas, by an act of the general assembly of Virginia, approved Jan-
uary thirty-first, enghteen hundred and eighty-four, entitled “an act to
provide a new charter for the city of Roanoke, and all acts amendatory
thereof,” it was enacted that the said town of Roanoke should thereafter
be known as the city of Roanoke; and,

Whereas, by section fifty of said act it was provided that the council
may, in the name of and for the use of the city, contract loans or cause
to be issued certificates of debt or bonds: provided, that no such certifi-
cates of debt or bonds shall be issued, except by a two-thirds vote of the
council, endorsed by a majority of the freehold voters voting on the
question ; but such loans, certificates of debt or bonds should not be irre-
deemable for a period greater than thirty-four years; and,

Whereas, by an ordinance passed August fifth, eighteen hundred and
eighty-four, by the council of the city of Roanoke, and also an ordinance
curing certain defects in the proceedings relating to said bonds, passed
on February second, eighteen hundred and eighty-five, in order to borrow
money for the purpose of erecting a market house, court-house, and jail,
poorhouse, school-house, and for sewerage and highways, it was ordered
that sixty thousand dollars’ worth of bonds of the city of Roanoke, with
coupons attached, and payable to the bearer, should be issued in the de-
nomination of five hundred dollars each, bearing interest at the rate o!
six per centum per annum, payable semi-annually at the office of the cit}
treasurer of said city upon the delivery of the proper coupons attached
thereto. Said bonds being numbered from one to one hundred anc
twenty, both inclusive, and running for a period of thirty years, bearing
date on October first, eighteen hundred and eighty-four, and being due
and payable on October first, nineteen hundred and fourteen ; and,

Whereas, by an ordinance passed on April twenty-third, eighteen hun-
dred and eighty-six, by the council of the city of Roanoke for the purpose
of aiding in the construction of the Roanoke and Southern railway, it
was ordered that one hundred thousand dollars’ worth of the bonds of
the city of Roanoke, with coupons attached, and payable to bearer, should
be issued in the denomination of five hundred dollars each, and bearing
interest at the rate of six per centum per annum, payable semi-annually
at the office of the treasurer of said city upon the delivery of the proper
coupons attached thereto, said bonds being numbered from one to two
hundred, both inclusive, and running for a period of thirty years, bearing
date on July first, eighteen hundred and eighty-eight, and being due and
payable on July first, nineteen hundred and eighteen; and,

Whereas, by an ordinance passed on December sixth, eighteen hundred
and eighty-seven, by the council of the city of Roanoke, in order to borrow
money for the erection of a fire building, it was ordered that six thou-
sand dollars’ worth of bonds of the city of Roanoke, with coupons at-
tached, payable to bearer, should be issued in the denomination of five
hundred dollars each, bearing interest at the rate of six per centum per
annum, payable semi-annually at the office of the city treasurer of said
city upon the delivery of the proper coupons attached thereto, said bonds
being numbered from one to twelve, both inclusive, and running for a
period of thirty-four years, bearing date on January first, eighteen hun-
dred and eighty-eight, and being redeemable at the option of the city of
Roanoke fifteen years after their date, viz., on January first, nineteen
hundred and three; and,

Whereas, by an ordinance passed on February twenty-first, eighteen
hundred and eighty-eight, by the council of the city of Roanoke, in order
to borrow money for school building, to liquidate floating indebtedness of
the city, constructing sewers, and improvement of streets, it was ordered
that sixty thousand dollars’ worth of the bonds of the city of Roanoke,
with coupons attached, payable to bearer, should be issued in the denomi-
nation of five hundred dollars, bearing interest at the rate of six per
centum per annum, payable semi-annually at the office of the treasurer of
said city upon the delivery of the proper coupons attached thereto, said
bonds being numbered from one to one hundred and twenty, both in-
clusive, and running for a period of thirty years, bearing date on July
first, eighteen hundred and cighty-eight, and being redeemable at the
option of the city of Roanoke fifteen years after date, viz., on July first,
nineteen hundred and three; and,

Whercas, by an ordinance passed on January seventh, eighteen hundred
and eighty-nine, by the council of the city of Roanoke, in order to borrow
money for the purpose of constructing bridges and approaches thereto,
it was ordered that thirty thousand dollars’ worth of the bonds of the city
of Roanoke, with coupons attached, payable to bearer, shall be issued in
the denomination of five hundred dollars cach, bearing interest at the
rate of six per centum per annum, payable semi-annually at the office of
the treasurer of said city upon the delivery of the proper coupons at-
tached thereto, said bonds being numbered from one to sixty, both in-
clusive, and running for a period of thirty years, bearing date on July
first, eighteen hundred and ninety, and being redeemable at the option of
the city of Roanoke fifteen years after their date, viz., on July first, nine-
teen hundred and five; and,

Whereas, by an ordinance passed on January fourteenth, eighteen hun-
dred and ninety, by the council of the city of Roanoke, in order to bor-
row money for the purpose of aiding in the construction of the Roanoke
and Southern railway, it was ordered that one hundred thousand dollars’
worth of bonds of the city of Roanoke, with coupons attached, payable to
bearer, shall be issued in the denomination of five hundred dollars each,
bearing interest at the rate of six per centum per annum, payable semi-
annually at the office of the treasurer of said city upon the delivery of the
proper coupons attached thereto, said bonds being numbered from one to
two hundred, both inclusive, running for a period of thirty years, bearing
date July first, eighteen hundred and ninety-one, and being redeemable
at the option of the city of Roanoke fifteen years after their date, viz., on
July first, nineteen hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hundred
and ninety-one, by the council of the city of Roanoke, in order to borrow
money for the purpose of constructing sewers and drains, it was ordered
that one hundred and fifty thousand dollars’ worth of bonds of the city
of Roanoke, with coupons attached, payable to bearer, should be issued
in the denomination of one thousand dollars each, bearing interest at
the rate of six per centum per annum, payable semi-annually at the office
of the treasurer of said city upon delivery of the proper coupons at-
tached thereto, said bonds being numbered from one to one hundred and
fifty, both inclusive, running for a period of thirty years, bearing date on
July first, eighteen hundred and ninety-one, and being redeemable at the
option of the city of Roanoke fifteen years after their date, viz., on July
first, nineteen hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hun-
dred and ninety-one, by the council of the city of Roanoke, in order to
borrow money for the improvement of streets, it was ordered that one
hundred and fifty thousand dollars’ worth of bonds of the city of Roa-
noke, with coupons attached, payable to bearer, should be issued in de-
nomination of one thousand dollars each, bearing interest at the rate of
six per centum per annum, payable semi-annually at the office of the
treasurer of said city upon the delivery of the proper coupons attached
thereto, said bonds being numbered from one to one hundred and fifty,
both inclusive, running for a period of thirty years, bearing date on July
first, eighteen hundred and ninety-one, and being redeemable at the
option of the city of Roanoke fifteen years after their date, viz., on July
first, nineteen hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hun-
dred and ninety-one, by the council of the city of Roanoke, in order to
borrow money for the purpose of constructing a fire-alarm system, it
was ordered that six thousand dollars’ worth of bonds of the city of
Roanoke, with coupons attached, payable to bearer, shall be issued in the
156 ACTS OF ASSEMBLY.

denomination of one thousand dollars each, bearing interest at the rate
of six per centum per annum, payable semi-annually at the office of the
treasurer of said city upon delivery of the proper coupons attached
thereto, said bonds being numbered from one to six, both inclusive, run-
ning for a period of thirty years, bearing date on July first, eighteen
hundred and ninety-one, and being redeemable at the option of the city
of Roanoke fifteen years after their date, viz., on July first, nineteen
hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hundred
and ninety-one, by the council of the city of Roanoke, in order to borrow
money for the purpose of purchasing sites and the erection of school
buildings thereon, it was ordered that seventy-five thousand dollars’
worth of bonds of the city of Roanoke, with coupons attached, payable to
bearer, should be issued in the denomination of one thousand dollars
each, bearing interest at the rate of six per centum per annum, payable
semi-annually at the office of the treasurer of said city upon the delivery
of the proper coupons attached thereto, said bonds being numbered from
one to seventy-five, both inclusive, running for a period of thirty years,
bearing date on July first, eighteen hundred and ninety-one, and being
redeemable at the option of the city of Roanoke fifteen years after their
date, viz., on July first, nineteen hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hun-
dred and ninety-one, by the council of the city of Roanoke, in order to
borrow money for the purpose of making an official survey and map of
the city of Roanoke, it was ordered that fifteen thousand dollars’ worth
of the bonds of the city of Roanoke, with coupons attached, payable to
bearer, shall be issued in the denomination of one thousand dollars each,
bearing interest at the rate of six per centum per annum, payable semi-
annually at the office of the treasurer of said city upon the delivery of
the proper coupons attached thereto, said bonds being numbered from one
to fifteen, both inclusive, running for a period of thirty years, bearing
date on July first, eighteen hundred and ninety-one, and being redeem-
able at the option of the city of Roanoke fifteen years from their date,
viz., on July first, nineteen hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hundred
and ninety-one, by the council of the city of Roanoke, in order to borrow
money for the purpose of erecting a jail and mayor’s office, it was or-
dered that fifteen thousand dollars’ worth of bonds of the city of Roa-
noke, with coupons attached, payable to bearer, shall be issued in the de-
nomination of one thousand dollars each, bearing interest at the rate of
six per centum per annum, payable semi-annually at the office of the
treasurer of said city upon delivery of the proper coupons attached
thereto, said bonds being numbered from one to fifteen, both inclusive,
running for a period of thirty years, bearing date on July first, eighteen
hundred and ninety-one, and being redeemable at the option of the city
of Roanoke fifteen years after their date, viz., on July first, nineteen
hundred and six; and,

Whereas, by an ordinance passed on February fourth, eighteen hun-
dred and ninety-one, by the council of the city of Roanoke, in order to
borrow money for the purpose of erecting a fire building, it was ordered
that fifteen thousand dollars’ worth of bonds of the city of Roanoke, with
coupons attached, payable to bearer, shall be issued in the denomination
of one thousand dollars each, bearing interest at the rate of six per
centum per annum, payable semi-annually at the office of the treasurer of
said city upon delivery of the proper coupons attached thereto, said bonds
being numbered from one to fifteen, both inclusive, running for a period
of thirty years, bearing date on July first, eighteen hundred and ninety-
one, and being redeemable at the option of the city of Roanoke fifteen
years from their date, viz., on July first, nineteen hundred and six; and,

Whereas, some of said bonds will soon mature and the city of Roanoke
will be required to pay the same; and,

Whereas, the city of Roanoke will soon have, under the terms thereof,
the right to redeem the remainder of said bonds, if it so desires: there-
fore,

1. Be it enacted by the general assembly of Virginia, That the council
of the city of Roanoke may, in the name of and for the use of said city,
cause to be issued certificates of debt or bonds for the purpose of redeem-
ing the said outstanding bonds, said bonds to be at a rate of interest not
exceeding four per centum per annum, and the said bonds may be either
registered or with coupons attached, as said council may prescribe. Such
bonds shall be issued to run for a period not exceeding thirty-four years
from their date, and may be made redeemable at the option of the city
of Roanoke at the office of the treasurer of said city after fifteen years
from the date of said bonds. At the time which the council makes its
levy for said city it shall levy upon all lands and other subjects liable to
State and city taxation in said city a tax to pay the amount of such bonds,
and the interest thereon, or to pay the interest on the bonds of the city so
issued, and to create a sinking fund to redeem the principal thereof, as
said council may deem necessary and proper; and from year to year may
repeat such assessments until the debt and interest be fully paid, such
assessments and the provisions for the sinking fund aforesaid to be gov-
erned by the charter of the city of Roanoke now, or as may be hereafter
in effect.

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