Chap. 4.—An ACT to amend and re-enact section 1, of chapter VIII of
the charter of the city of Danville, Virginia, relating to the improve-
ment of roads in Pittsylvania county, temporary loans, the borrow-
ing of money, limit to outstanding bonded indebtedness, and the crea-
tion of a sinking fund, etc., as amended and re-enacted by an act
approved February 19, 1900, as amended and re-enacted by an act
approved February 1, 1901, as amended and re-enacted by an act
approved March 8, 1902, as amended and re-enacted by an act ap-
proved December 12, 1903. (H. B. 51.)

Approved February 5, 1916.

1. Be it enacted by the general assembly of Virginia, That
section one, chapter eight, of the charter of the city of Danville,
Virginia, relating to the improvement of roads in Pittsylvania
county, temporary loans, the borrowing of money, limit to out-
standing bonded indebtedness, and the creation of a sinking
fund, et cetera, as amended and re-enacted by an act approved
February nineteenth, nineteen hundred, as amended and re-
enacted by an act approved February first, nineteen hundred
and one, as amended and re-enacted by an act approved March
eighth, nineteen hundred and two, as amended and re-enacted
by an act approved December twelfth, nineteen hundred and
three, be amended and re-enacted so as to read as follows:

CHAPTER VIII.

Sec. 1. The council may, in the name and for the use and
benefit of said city, subscribe and contribute in money not other-
wise appropriated, sums not exceeding five thousand dollars in
the aggregate in any one year, to the cost of making, repairing
or improving any public roads in Pittsylvania county leading
into said city.

The council shall have power and authority, in the name and
for the use and benefit of said city to borrow money on tem-
porary loans for a period not exceeding four months, and for
amounts not exceeding in the aggregate at any one time the
sum of seventy-five thousand dollars, and issue therefor notes
or 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 and re-
demption or refunding of any outstanding bonds of said city,
whenever said bonds shall mature or become subject to call. But
said city shall not issue bonds, or other interest-bearing obliga-
tions for any purpose, or in any manner, to an amount, which
including existing indebtedness, shall at any time exceed eigh-
teen per centum of the assessed valuation of the real estate in
said city subject to taxation, as shown by the last preceding as-
sessment for taxes; provided, however, that in determining this
limitation to incur indebtedness, there shall not be included the
classes of indebtedness specifically provided for sub-sections (a)
and (b) of section one hundred and twenty-seven of the Consti-
tution of Virginia. No debt of said city shall be made payable
more than thirty years after the date thereof.

Except for the current expenses aforesaid and the said bonds
issued to refund the bonded indebtedness of said city, the said
council shall not, in the name of said city, contract any debt,
or issue any bonds or other evidences of debt in an amount ex-
ceeding 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 own-
ing real estate in said city.

_The council shall annually set aside from the resources of
said city a sum equal to one per centum of the aggregate bonded
indebtedness of said city, not payable within one year, whether
heretofore or hereafter contracted. The fund thus set aside
shall be called the sinking fund, and shall be applied to the pay-
ment of the bonded indebtedness of said city, as it shall become
due, and if no part be due and payable, the sinking fund shall
be invested in the bonds of other certificates of indebtedness
of said city, or of the State of Virginia, or of the United States,
or of any State in this union.

2. An emergency existing, this act is hereby declared an
emergency act, and shall be in force from its passage.