Chap. 105.—An ACT to authorize the city of Newport News to borrow a sum
not exceeding forty thousand dollars and issue bonds therefor, to be used for
the purchase of municipal equipment for said city. [S B 75]

Approved March 6, 1928
1. Be it enacted 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 a four-fifths
vote thereof, in the name of and for the use of said citv, cause to
be issued bonds or certificates of indebtedness (the form of which
shall be prescribed by the council), to an amount of forty thou-
sand dollars, bearing interest of a rate not to exceed six per centum
per annum, and payable in the discretion of the council in not
more than ten years, which said bonds may be either sinking fund
or serial bonds, as the council may determine. The proceeds re-
ceived from the sale thereof shall be used by the city in the pur-
chase of equipment for use by said city. There shall annually be
assessed, levied and collected upon all taxable property of the city
of Newport News, subject to city taxation, a tax sufficient to pro-
vide for the payment of the principal and interest of said bonds.

2. Because of the urgent necessity by the city for this equip-
ment, an emergency is hereby declared to exist and accordingly
this act shall be in force and effect from its passage.