Chap. 99.—An ACT to authorize the city of Suffolk to issue bonds to redeem
bonds maturing during the years nineteen hundred and twenty and nineteen
hundred and twenty-one. [H B 161]

- Approved February 25, 1920.

1. Be it enacted by the general assembly of Virginia as follows:
It shall be lawful for the city council of the city of Suffolk, in
order to redeem the bonds of said city maturing during the years
nineteen hundred and twenty and nineteen hundred and twenty-one, to
issue coupon or registered bonds in denominations of not less than
five hundred dollars, at a rate of interest to be determined by said city
council, not to exceed, however, six per centum per annum, payable
simi-annually, said bonds to be made payable at such time after their
dates as the city council may determine; provided, that the whole
amount of bonds issued under this act shall not exceed seventy thou-
sand dollars, and the proceeds thereof shall not be applied to or
used for any other purpose than herein specified.

2. The said bonds shall be signed by the president of the city
council and countersigned by the clerk of the city council, and shall
have the seal of the city affixed thereto, and shall be sold and nego-
tiated in such manner and upon such terms as the said city council
shall prescribe. The said bonds may be issued and sold without
submitting to the qualified voters of said city for determining the
question of whether such bonds shall be issued, and they may be
sold at less than their par value.

3. The city council may exempt any or all of said bonds from
city taxes, in which case a clause to that effect shall be inserted in
each bond.

4. The said city council shall have the power to make annual
appropriations out of the revenue of the city to pay such interest,
and may provide a sinking fund for the redemption of said bonds.

5. An emergency existing, this act shall be in force from its
passage. .