Chap. 324.—An ACT to authorize the city council of Alexandria to issue its bonds,
called street and sewer improvement bonds, for the purpose of enabling property
owners in said city to pay assessments against their property for street and
etd improvements in five installments, and to provide for the payment of said

nds.

Approved March 28, 1902.

1. Be it enacted by the general assembly of Virginia, That whenever
any street or sewer improvement shall be ordered by the city council of
Alexandria, any part of the costs of which is to be defrayed by local
assessments, the several assessments contained in any roll for the pur-
pose of raising such moncy shall he divided into five equal installments,
the first of which installments shall be due and payable from and after
the date of the confirmation of said local assessments, and the remaining
installments in one, two, three, and four years from and after said date:
provided, the property owner shall sign notes for the said second, third,
fourth, and fifth installments, which notes shall be payable to the city
council of Alexandria, and shall acknowledge the lien of the local assess-
ments, otherwise his entire assessment shall be due and payable within
thirty days from the date of the confirmation thereof; the second, third,
fourth, and fifth installments shall bear interest at the rate of six per
centum per annum from the date of the confirmation of said local assess-
ments until they shall have severally become due and payable, or until
the date that the collection thereof shall be regularly enforced.

2. That after the local assessment roll shall have been confirmed the
city council of Alexandria may authorize the issue of bonds to an amount
not exceeding four-fifths of said assessment roll, which bonds shall be of
such denominations as the city council shall deem proper; shall be signed
by the mayor and city treasurer and countersigned by the city auditor,
with the corporate seal of the city of Alexandria affixed thereto, and shall
bear interest at a rate not exceeding five per centum per annum, and
shall be payable one-fourth in one year, one-fourth in two years, one-
fourth in three years, and one-fourth in four years, from and after the
first day of the next calendar month succeeding the confirmation of said
assessment roll.

All warrants drawn in payment of any such local work or improve-
ment as above specified, exclusive of the city’s portion of said work or
improvement, shall be payable four-fifths out of the proceeds of such
fund, and one-fifth out of the moneys collected upon the first installment
of the assessment roll made therefor.

If a sufficient sum has not been realized upon the first installment of
such assessment roll to pay the warrants so drawn against said roll, or if
sufficient moneys have not been realized upon any other installment to
pay said bonds when the same shall be due and payable, the city treas-
urer may temporarily borrow, on the credit of the city, a sum sufficient
to pay the same, and all moneys thereafter realized on account of said
assessment roll, or from sales for non-payment of assessments thereon.
shall be used, and they are hereby pledged for the payment of the
amount so borrowed and for the payment of the said bonds.

3. That the total amount of said bonds in force at any one time shall
not exceed the sum of fifty thousand dollars, and that the said bonds shall
be exempt from any and all taxation by the said city council of Alex-
andria.

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