Chap. 684.—-An ACT to amend and re-enact section 7 of chapter 8 of the revised
charter of the city of Lynchburg, acts 1895-6.

Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That section
seven of chapter eight of the revised charter of the city of Lynchburg
(acts eighteen hundred and ninety-five and eighteen hundred and ninety-
six, page two hundred and fourteen) be amended and re-enacted so as
to read as follows:

There shall be set apart annually from the revenues of the city a sink-
ing fund equal to one per centum on the aggregate outstanding debt of
the city which by ils terms is not payable within one year, and on the
debt of the city contracted for a new water system for said city, or for
improving the present system there may be set apart annually an addi-
tional fund equal to two per centum of said debt, making in all three
per centum of said debt contracted for a water system that may be set
aside annually from the revenues of said city; said sinking fund, as it
accrues, shall be applied to the redemption of said debt: provided, that
if no part of the same be due or obtainable by purchase at reasonable
rates, the said fund shall be invested in the bonds of the State of Vir-
ginia or of the United States.

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