Chap. 87.—An ACT to authorize the city of Newport News to borrow $150,000.0(
and issue bonds therefor, for the purpose of refunding the outstanding short-
term military highway notes. [S B 194]

Approved February 25, 1922.

1. Be it enacted by the general assembly of Virginia, That in addi-
tion to any other indebtedness of the city of Newport News and the
certificates of debt or bonds which the said city has, from time to time
issued, the council of said city may, by a four-fifths vote thereof, ir
the name of and for the use of said city, cause to be issued bonds ot
certificates of indebtedness (the form of which shall be prescribed
by the council) to the amount of one hundred and fifty thousand
dollars, bearing interest at a rate not to exceed six per centum pet
annum, and payable in the discretion of the council in not more thar
thirty years, which said bonds may be either sinking fund or seria
bonds, as the council may determine. One hundred thousand dollars
of the amount received from the sale thereof shall be used for the
purpose of paying off and redeeming a like amount of short-term note:
heretofore issued by the city, dated March first, nineteen hundred anc
seventeen, known as military highway notes, and the balance is tc
be used to reimburse the general fund of the city for the military
highway notes heretofore paid therefrom.

2. In that the said notes, dated March first, nineteen hundred anc
seventeen, will shortly mature, an amergency is declared, and thi
act shall be in force from its passage.