Chap. 325.—An ACT to authorize the city council of Alexandria to issue its cou-
pon bonds, called “public improvement bonds,” to the amount of $50,000, for
the purpose of making street and sewer improvements in the city of Alexandria,
and for the purpose of improving the city gas works, and to provide a sinking
fund for the payment of said bonds.

Approved March 28, 1902.

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 “public improvement bonds,” to the amount of fifty thou-
sand dollars, of such denominations as the city council may determine, to
bear interest at a rate not to exceed four per centum per annum, payable
semi-annually in January and July, the principal to be due and payable
thirty years after the date of their issue: provided, however, that no issue
of said bonds shall be made under this act prior to June first, nineteen
hundred and two, and that no issue of said bonds shall be made unless
the ordinance providing for the same shall receive 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 and
city treasurer to prepare and issue the said bonds in such forms, and
each for such sum, as the city council shall prescribe. Each of the bonds
shall be signed by the mayor and the city treasurer, and shall be counter-
signed 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 city treasurer affixed thereto. Full power and authority
is hereby given to the mayor and city treasurer, in conjunction with the
finance committee of the city council, to make sale of said bonds.

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

4. That the funds derived from the sale of the said bonds shall be
deposited in the city treasury as a separate and special fund, which shall
be known and styled as the “public investment fund,” and which fund
shall be used only for street and sewer improvements and for improving
the city gas works.

5. That the said city council shall create a sinking fund, to be applied
to the redemption and pavment of the bonds issued under and by au-
thority of this act, and shall annually, until said bonds are paid, cause to
be paid into the city treasury, to the credit of the sinking fund, a sum
amounting to at least three per centum of the total issue of said bonds.

6. That the mayor, treasurer, auditor, president of the board of alder-
men, and president of the common council shall compose a board known
as the commissioners of the public improvement 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.

7, The city council shal] not issue any bonds as provided for in this
340 AOTS OF ASSEMBLY.

act until it shall have called a special election for the purpose and sub-
mitted the question of issuing bonds under this act to the qualified voters
of the city of Alexandria, and be ratified by a majority of those voting at
said election. The city council shall cause notice of said election to be
published for thirty days in the daily newspapers of the city of Alexan-
dria, and the said election shall be conducted in the same manner as the
election for State officers is conducted.

8. That if at such election a majority of such qualified voters shall
vote to issue such bonds, the city council of Alexandria is hereby au-
thorized to enact such ordinances as may be necessary to effectually carry
out the provisions and the full extent and meaning of this act.

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