Chap. 4.—An ACT to amend and re-enact section 1, chapter 8, of the charter
of the city of Danville, Virginia, as amended and re-enacted by an act
approved February 19, 1900.

Approved February 1, 1901.

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, be amended and re-enacted so as to read as follows:

Chapter 8, § IL. The council may, in the name and for the use and
benefit of said city, subscribe and contribute in money, bonds, or other-
wise, to the cost of making, repairing, or improving any public roads in
Pittsylvania county, leading to said city, and may subscribe to the stock
of anv company incorporated for the purpose of constructing any im-
proved or artificial road to said city and to the stock of other incorpo-
rated companies: provided, that the question of such subscriptions and
contributions shall have first been submitted to a vote of the qualified
voters of said city, and shall be approved 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; but said coun-
cil may, by a three-fourths vote of all its members, and without a vote of
the people, as above provided for, subscribe and contribute out of the
general fund under its control not otherwise appropriated sums not ex-
ceeding in the aggregate five thousand dollars in any one year to the
cost of making, repairing or improving any public roads in Pittsylvania
county, leading to said city. The council shall have power and authority
in the name and for the use and bencfit of said city for the purpose of
paying the current expenses of said city to borrow money on temporary
loans for periods not exceeding four months, and in amounts not ex-
ceeding in the aggregate at any time the sum of fifty thousand
dollars and issue therefor notes and other evidences of debt. The
council shall also have power and authority in the name and for the
use and benefit of said city to borrow money and contract debts and issue,
negotiate and sell notes, bonds and certificates of debt, and moreover to
issue, negotiate and sell bonds of the city, to be used in the payment.
discharge, redemption or refunding of any outstanding bonds of said
city, whenever said outstanding bonds shall mature or become subject to
eall.

The bonded indebtedness of said city shall not at any time exceed the
sum of twelve hundred and ten thousand dollars, and no debt of said
city shall be payable more than thirty-four years after the date thereof ;
except for the eurrent expenses aforesaid and the said bonds, issued to
refund said bonded indebtedness of said city, the said council shall not in
the name of said city, contract any debt, or issue bonds or other evidences
of debt in an amount exceeding 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 approved 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 apart from the resources of the said city
a sum equal to one per centum of the aggregate bonded indebtedness of
said city, not pavable within one year, whether heretofore or hereafter
contracted. The fund thus set aside shall be called the sinking fund, and
shall he applied to the payment of the bonded indebtedness of said city,
as it shall become due, and if no part be due and payable, the said sink-
ine fund shall be invested in the bonds or certificates of indebtedness of
said city, or of the State of Virginia or of the United States, or of any
State of this union.

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