Chap. 360.—An ACT to amend and re-enact an act approved March 7, 1903,
titled “an act to authorize municipal corporations to issue bonds for the rede
tion of outstanding bonds.”

Approved December 10, 1903.

1. Be it enacted by the general assembly of Virginia, That an
approved March seventh, nineteen hundred and three, entitled “an
to authorize municipal corporations to issue bonds for the redempt
of outstanding bonds,” be amended and re-enacted so as to read as »
ows:

§ 1. Be it enacted by the general assembly of Virginia, That :
municipal corporation having lawfully issued bonds shall have the po'
and authority to provide by ordinance for the issue of new bonds
the redemption and liquidation thereof when they faJ] due, become s
ject to call, or can for any reason be refunded or redeemed. Said 1
bonds shall not exceed in amount the original bonds to be redeemed,
quidated or refunded, may be registered or coupon, and shall be sold
the highest bidder for cash: provided, no such new bonds shall bea
higher rate of interest than six per centum per annum: and provic
further, that the proceeds of the sale of the new bonds so issued shall
used only in the payment of the old bonds which are subject to call,
demption, or can otherwise be refunded or redeemed. The bonds iss
under this act shall be payable in lawful money of the United Stat
and a sinking fund shall be created and maintained sufficient to redc
such bonds at maturity, and shall be applied to such redemption anc
no other purpose.

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