Chap. 151.—An ACT to authorize the city of Hopewell to borrow money and
issue bonds therefor for permanent public improvement in said city.

[S B 97]
Approved March 10, 1928

1. Be it enacted by the general assembly of Virginia, That the
city of Hopewell is hereby authorized to borrow money and issue
bonds therefor for permanent public improvement in said city.

2. That such bonds shall be issued for permanent public im-
provements only within the said city in such series as the council
of the city may determine. And the said council is hereby au-
thorized to fix and establish the form and denomination of the said
bonds, and to provide when the same and interest thereon shall be-
come payable; provided, however, that all of said bonds shall be
made to mature in not exceeding thirty-five years from the date of
their issue. The said council may borrow money and issue such
honds for such permanent improvements as it may, from time to
time determine.

3. That the faith, credit and property of the said city shall stand
pledged as security for the payment of the principal and interest
of all bonds issued pursuant to this act; and that the governing
authority of the city of Hopewell shall in each year while any bonds
issued hereunder are outstanding, levy a tax upon all the taxable
property of said city, subject to local taxation, sufficient to pay the
principal and interest on such bonds, as the same become due and
payable.

4. The ordinance authorizing issuance of such bonds shall set
forth the purpose or purposes to which the proceeds are to be
applied and shall be adopted by a majority of the members of the
city council.

5. That before the issuance of such bonds, the proposed issue
shall first be submitted to the qualified voters of the said city
and an election shall be held in accordance with the provisions of
chapter one hundred and twenty-two of the Code. That notice of
the said election shall be published once a week for two successive
weeks in some newspaper having a general circulation in said city,
and said notice shall set out the amount of said bond issue, together
with the purpose or purposes to which the proceeds of any issue
or issues of bonds shall be applied; and said bonds shall not be
issued unless the issuance of same is approved by a majority of the
qualified voters of said city, as expressed at the polls in said election.

6. All acts or parts of acts in conflict with this act are hereby
repealed.

7. An emergency is hereby declared to exist and this act shall
be in force from its passage.