Chap. 4.—An ACT to authorize the city of Norfolk to issue bonds. [H B 26]
Approved February 5, 1924.

Whereas, the revenues of the city of Norfolk have been for a period
of several years insufficient to meet the city’s current expenditures
including large annual interest and sinking fund charges for bonds
issued for revenue producing works or utilities under construction
during said period, and there beihg now, in consequence of such insufh-
ciency of revenue, a deficit in one or more of the city’s accounts or
funds which has been temporarily provided for in part by advances of
moneys from other funds or accounts of the city, and it being necessary
to confer broad powers upon the city to enable it to wipe out said de-
ficit and take such other action as it may deem advisable for the im-
provement of the financial condition of the city, now, therefore,

1. Be it enacted by the general assembly of Virginia, That the city
of Norfolk is hereby authorized to issue its bonds in an aggregate
principal amount not exceeding one million seven hundred thousand
($1,700,000.00) dollars, and to apply the proceeds of the sale thereof
to any corporate or municipal purpose or purposes of said city, to be
determined either before or after the issuance of said bonds. The
said bonds shall be issued in the manner provided by the Norfolk
charter of nineteen hundred and eighteen for the issuance of bonds
for the purpose of refunding the obligations of the city created before
April first, nineteen hundred and sixteen, except as herein otherwise
provided. The provisions of section eighty-six of the said charter,
concerning the period for which debts may be contracted and concern-
ing the filing of a certificate by the director of public works, shall not
apply to the said bonds. The said bonds shall mature and be payable
in annual installments, the first of which annual installments may be
made payable at such time, not more than four years after the date
of issue of said bonds, as may be determined by the council of the city
of Norfolk in the ordinance authorizing the issuance of said bonds,
and the last of which annual installments shall be made payable at
such time, not more than fifteen years after said date of issue, as may
be determined in said ordinance. The several installments in which
said bonds shall mature may be equal or unequal, as the council
may prescribe; but if unequal, the greatest of said installments shall
not be more than double the amount of the smallest. All of the pro-
visions of the said charter relating to the payment of serial bonds of
the city of Norfolk shall apply to the bonds hereby authorized, except
as herein otherwise provided.

2. An emergency existing by reason of the facts recited in the
preamble of this act, this act is hereby declared to be an emergency
act, and shall be in force from its passage.