Chap. 32.—An ACT to authorize the city of Newport News to borrow $200,000.00
and issue bonds therefor for the purpose of refunding outstanding short term
notes. [H B 4]

Approved February 17, 1926.

1. Be it amended by the general assembly of Virginia, That in
addition 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 four-fifths vote there-
of, in the name of and for the use of said city, cause to be issued, bonds
or certificates of indebtedness (the form of which shall be prescribed
by the council), to the amount of two hundred thousand dollars, bear-
ing interest at a rate not exceeding six per centum per annum and
payable in the discretion of the council in not more than thirty (30)
years, which said bonds may be sinking fund or serial bonds, as the
council may determine, but the said bonds shall not be sold upon a
basis which will cost the municipality more than six per centum in-
terest per annum. The amount received from the sale of these bonds
shall be used and applied by the city in the payment and redemption of
a like amount of two-year notes, dated on the first day of August, nine-
teen hundred and twenty-four, and payable two years after their date.

2. While said bonds or any of them remain outstanding, the
council of said city shall levy annually a tax upon all real and personal
property in said city sufficient to pay the interest on said bonds and
to create a sinking fund for the payment of the principal at maturity.

3. Inasmuch as it is necessary to issue the bonds authorized by
this statute on or before the first day of August, nineteen hundred
and twenty-six, in order to protect the credit of the city of Newport
News, an emergency exists, and this act shall be in force from its

passage.