Chap. 115.—An Act to authorize Hopewell, in the County of Prince
George, after it shall become a city, to borrow money and issue bonds
therefore. H. B. 363

Approved March 4, 1916.

1. Be it enacted by the general assembly of Virginia, That
Hopewell, which by the provisions of an act of the general as-
sembly passed at this session, will be and continue a city on
and after July first, nineteen hundred and sixteen, be and the
same is hereby authorized to borrow money and issue bonds
within the limitations prescribed by section one hundred and
twenty-seven of the Constitution.

2. That no bonds shall be issued under the terms of this act
by said city subsequent to January first, nineteen hundred and
eighteen.

3. That such bonds shall be issued for permanent improve-
ments only within the said city in such series as the council of
the city may determine. And the said council is hereby author-
ized to fix and establish the form and denomination of the said
bonds, and to provide when the same and interest thereon shall
become payable; provided, however, that all of said bonds shall
be made to mature in not exceeding fifty years from the date
of their issue. The said council may borrow money and issue
such bonds for such purposes as it may, from time to time, de-
termine. Provided, however, that the aggregate of bonds issued
under this act shall not exceed twelve (12%) per centum of the
assessed value of the real estate in said city subject to taxation,
as shown by the last assessment thereof that may be made ac-
cording to law; provided, that this limitation as to the aggre-
gate amount of such bonds shall not include the indebtedness
set out in clauses “a” and “b” of section one hundred and twenty-
seven of the Constitution.

4. That the faith, credit and property of the said city shall
stand pledged as security for the repayment of the principal and
interest of all bonds issued pursuant to this act.

5. That before the issuance of such bonds notice of the pro-
posed issue and the purpose or purposes to which the proceeds
of any issue or issues of bonds shall be applied, shall be pub-
lished once a week for two consecutive weeks in some news-
papers having a general circulation in said city; and the consid-
eration of such proposed issue or issues shall be at a joint meet-
ing of the board of aldermen and common council of said city,
which meeting shall be open to the public. The ordinance au-
thorizing the issue of such bonds shall set forth the purpose
or purposes which the proceeds are to be applied and shall be
adopted by two-thirds of the entire membership of each branch
of the council and approved by the mayor; provided, however,
that if the mayor declines to approve any such ordinance and
shall veto the same, such bonds may be issued, nothwithstand-
ing such veto, by the unanimous vote of all the members in both
the board of aldermen and common council.
6. That such bonds shall be signed by the mayor and by
the city treasurer. That no bonds authorized and issued under
this act shall be sold for less than par, nor shall they bear in-
terest at a rate exceeding six per centum per annum.