Chap. 293.—An ACT to amend and re-enact an act approved December 10, 1903,
entitled “an act to amend and re-enact an act approved March 7, 1903, en-
titled an act to authorize municipal corporations to issue bonds for the re-
demption of outstanding bonds.”

Approved March 10, 1908.

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

§1. Be it enacted by the General Assembly of Virginia, That any
municipal corporation having lawfully issued bonds shall have the
power and authority to provide by ordinance for the issue of new bonds
for the redemption and liquidation thereof when they fall due, become
subject to call, or can for any reason be refunded or redeemed. Said
new bonds shall not exceed in amount the original bonds to be redeemed,
liquidated or refunded, and may be registered or coupon; provided, no
such new bonds shall bear a higher rate of interest than six per centum
per annum; and provided further, that the proceeds of the sale of such
of the new bonds so issued, as may be sold, shall be used only in the
payment of the old bonds which are subject to call, redemption, or can
otherwise be refunded or redeemed. The bonds issued under this act
shall be payable in lawful money of the United States. And a sinking
fund shall be created and maintained sufficient to redeem such bonds
at maturity, and shall be applied to such redemption and to no other
purpose; provided, however, that whenever any city or town shall here-
after issue bonds for the purpose of refunding or liquidating bonds
issued prior to the seventh day of March, nineteen hundred and three,
the sinking fund to be provided for the retirement of such refunding
or liquidating bonds shall be fixed by ordinance of such city or town.

2. This act shall be in force from its passage, an emergency existing
therefor, to enable cities to redeem or refund their maturing outstand-
ing bonded indebtedness.