Chap. 98.—An ACT to authorize the city of Norfolk to issue bonds to refund
certain certificates of debt. (S. B. 107)

Approved March 15, 1915.

1. Be it enacted by the general assembly of Virginia, That the city
council of the city of Norfolk shail have power and authority by ordinance
or resolution to cause to be issued bonds of the city of Norfolk, to be
known as refunding bonds, in the aggregate principal amount of five
hundred thousand dollars, for the purpose of refunding an issue of five
hundred thousand dollars of certificates of debt of said city dated Sep-
tember fifteenth, nineteen hundred and fourteen, and payable September
fifteenth, nineteen hundred and fifteen, issued under an ordinance of
said city approved September sixteenth, nineteen hundred and fourteen.
Said refunding bonds shall be issued at such time or times, either before
or after maturity of said certificates of debt, and be payable at such
time or times, not exceeding thirty years after the issuance of such
refunding bonds, and bear such rate of interest, not exceeding six per
centum per annum, and be of such denomination and form, as the city
council of said city shall provide. Said refunding bonds, or any part
thereof, may either be issued in exchange for a like face amount of said
certificates of debt, or sold for cash, as may be provided for by the
council of said city of Norfolk. No limitation upon the amount of
indebtedness of the city of Norfolk shall prevent the issuance of said
bonds, nor shall said bonds be considered as increasing the indebtedness
of the city of Norfolk in ascertaining the power of said city to become
otherwise or further indebted, but said bonds, to the extent that said
certificates of debt shall be retired shall be included in determining the
limitation of the power of said city to incur indebtedness.

2. There shall be raised annually, by tax, in the city of Norfolk,
after the issuance of said refunding bonds, a sum sufficient to pay the
interest thereon and also a sum, not less than one and one-half per
centum of the principal amount of said bonds, to be paid into a sinking
fund which will be sufficient, with the accumulations thereof, to redeem
said bonds at maturity.

3. Owing to the instability of the money market caused by the
European war, which may render it necessary to issue said bonds within
ninety days in order to sell them on terms advantageous to the city of
Norfolk, this act is hereby declared to be an emergency act within the
provisions of section fifty-three of the Constitution, and shall be in
force from its passage.