Chap. 303.—An ACT to authorize the council of the city of Newport News to
borrow a sum of money not excecding $45,000.00, and to issue bonds or cer-
tificates of indebtedness therefor, for the purpose of purchasing property, if
necessary, and for the establishment, construction and equipment of a public
library and reading room in said city, and to provide for the payment of the
interest on such bonds and the redemption of the principal thereof at maturity.

[H B 304]

Approved March 21, 1928

1. Be it enacted by the general assembly of Virginia, That the
council of the city of Newport News is hereby authorized to borrow
4 sum of money not exceeding forty-five thousand dollars, and to issue
bonds or certificates therefor; said bonds or certificates of indebtedness
to be issued in such form and denominations, and to be payable at
such time or times, not exceeding twenty years from the date thereof,
as the said council may provide; they shall bear interest at not exceed-
ng six per centum per annum, and shall not be sold for less than par.

2. The bonds or certificates of indebtedness issued by the council
im pursuance of this act shall be signed by the mayor and countersigned
by the clerk of the council. The proceeds shall be used for the purpose
>f purchasing all necessary property, both real and personal, and the
construction and equipment of a public library and reading room for
the use and benefit of the inhabitants of the city of Newport News,
Virginia. ,

3. After the issuance of the bond or certificate of indebtedness
provided for in this act, the council of the city of Newport News shall
have authority to make annual appropriations out of the revenues of
the said city to pay the interest thereon and to provide a sinking fund
for the redemption of the principal thereof at maturity, or, 1f necessary
the said council shall have authority to annually levy a special tax on
all property subject to local taxation in said city for said purposes.