CHAP. 66.—An ACT to validate, ratify, approve and confirm certain bonds
to be issued by the city of Winchester for the purpose of enlarging
and improving the water supply and sewer system thereof. [H B 72]

Approved March 21, 1928.

Whereas, an ordinance, entitled an ordinance, to provide for
the issuance by the city of Winchester, of two hundred thou-
sand dollars of bonds for the enlargement and improvement of
the water supply and sewer system, was passed by the common
council of said city on the twenty-fifth day of August, one thou-
sand nine hundred and twenty-two, upon the recorded affirma-
tive vote of a majority of all of the members elected thereto, and
was approved by the mayor and a certified copy forthwith pre-
sented to the judge of the corporation court of said city; and,

Whereas, the said corporation court thereupon ordered that
an election be held in said city of Winchester, on the seventh
day of November, one thousand nine hundred and twenty-two,
for determining the question of whether the bonds proposed by
the said ordinance should be issued; and,

Whereas, at said election, duly held pursuant to said order
and according to law, after notice thereof had been given and
published as required by said order, a large majority of the
qualified voters of the city of Winchester voting at said election
voted in favor of said bond issue; and,

Whereas, the result of the said election was ascertained in
the manner provided by law, and was certified to the judge of
the corporation court of the city of Winchester, and thereupon
an order was entered of record in said court, setting forth the
result of the election and declaring that the bonds proposed by
said ordinance were authorized to be issued, and a copy of the
said order was certified by the clerk of the said court to the
common council of the city of Winchester: and,

Whereas, the procedure followed for the authorization of
the said bond issue was in accordance with chapter one hundred
and twenty-two of the Code of Virginia, for such cases made and
provided, but a question has arisen as to the authority of the
common council, under the charter of the city of Winchester, to
issue such bonds except specially authorized by act of the general
assembly; and,

Whereas, the ordinance proposing the said bond issue pro-
vides that the bonds may be in such denominations and form as
the common council may approve; that said bonds are to mature
thirty years after date and to bear interest at the rate of four
and three quarters per centum per annum; that provision shall
be made for the creation of a sinking fund applicable to the re-
tirement of said bonds; and that the bonds may be made redeem-
able prior to maturity if the common council shall deem it proper
to so provide; and,

Whereas, it is desired by the common council that said issue
of bonds may be in serial form, maturing in annual installments
during a period of thirty years from date of the issue, in lieu of
issuing thirty year bonds and creating a sinking fund applicable
thereto; and,

Whereas, inclusive of the said bond issue of two hundred
thousand dollars, the indebtedness of the city of Winchester will
be less than eighteen per centum of the assessed valuation of
the real estate in said city subject to taxation, as shown by the
last preceding assessment of:taxes; and,

Whereas, it is desirable that there shall be no doubt as to
the validity of the said bond issue in any respect, therefore,

1. Be it enacted by the general assembly of Virginia, That
the common council of the city of Winchester be, and it is hereby
fully authorized to issue and sell bonds of such municipality for
the purpose of improving and enlarging the water supply and
sewer system of the said city, not to exceed two hundred thou-
sand dollars in aggregate amount; said bonds to be in such
form and denominations and to mature at such time or times,
not exceeding thirty years from date of issue, and to bear in-
terest at a rate not in excess of four and three-quarters per
centum per annum, as the said council may determine.

2. That the said issue of bonds may be in serial form ma-
turing in annual installments during a period not exceeding
thirty years from the date of the issue, and the several install-
ments thereof may be in such amounts as the common council
may prescribe.

3. That the ordinance proposing the said bond issue, the
election held for determining whether the bonds shall be issued,
and all acts done and proceedings had to provide for and au-
thorize the issuance of said bonds, be, and the same are hereby
validated, ratified, approved and confirmed, and the bonds when
issued are hereby made and declared to be valid and bind-
ing obligations of the city of Winchester.

4. An emergency existing, in that the city of Winchester
is in urgent need of the funds to be derived from the issuance of
said bonds for the purpose of enlarging and improving the water
supply and sewer system of said city, this act shall be in force
from its passage.