Chap. 2.——-An ACT to amend the act entitled “an act to amend the charter of
the city of Alexandria,” approved February 20, 1871, in relation to the issuance
of bonds by the city of Alexandria. . [S B 2]

Approved January 14, 1930

1. Be it enacted by the general assembly of Virginia, That the
act entitled “an act to amend the charter of the city of Alexandria,”
approved February twentieth, eighteen hundred and seventy-one, be
amended by adding thereto the following five sections to be designated
section thirty-three-a, section thirty-three-b, section thirty-three-c, sec-
tion thirty-three-d and section thirty-three-e:

Section 33-a. The council may issue negotiable bonds of the city
council of Alexandria to pay for any improvement or property which
it is or may be authorized or required by law to make or acquire, or
for any other purpose which it is authorized or required by law to
undertake, or for which it is authorized or required by law to expend
money, or to refund bonds of said city heretofore or hereafter issued,
or to fund or pay indebtedness heretofore or hereafter incurred for
any such purpose or purposes.

Section 33-b. All bonds of the city council of Alexandria here-
after issued, except refunding bonds, shall be made payable within the
probable life of the improvement or undertaking on account of which
they are to be issued, or, if the bonds are issued to fund or pay indebt-
edness then outstanding, within the probable life of the improvement
or undertaking for which said indebtedness was incurred. The deter-
mination of or by the council as to the probable life of any such
improvement or undertaking shall be conclusive. In case of a bond
issue for several different purposes, having different probable lives,
the council shall determine the average of said lives, taking into con-
sideration the amount of bonds to be issued on account of each such
purpose, and the bonds shall mature within the average life so deter-
mined. All such bonds shall be serial bonds, that is to say, the aggre-
gate principal amount of each issue of bonds shall mature in annual
installments, commencing not more than five years after the date of
said bonds. Such annual installments may be equal or unequal, as may
be determined by the council. | |

Section 33-c. The city council of Alexandria shall not issue bonds or
other interest-bearing obligations to an amount, which including exist-
ing indebtedness, shall, at any time, exceed eighteen per centum of the
assessed valuation of real estate in said city, subject to taxation, as
shown by the last preceding assessment for taxes; provided, however,
that in determining the limitation to the power to incur indebtedness,
there shall not be included the classes of indebtedness specially de-
scribed in sub-division (a) and (b) of section one hundred and twenty-
seven of the Constitution of Virginia.

Section 33-d. In the event that said bonds shall be issued for a
supply of water or other specific undertaking from which the city may
derive a revenue, the council may, in its discretion, authorize the issu-
ance of said bonds by an ordinance enacted in the manner provided
by law and provide for the submission to the qualified voters of the
city of the question whether said bonds shall be issued in the manner
and subject to the limitations prescribed by chapter one hundred and
twenty-two of the Code of Virginia. In any other case the council may,
in its discretion, authorize the issuance of bonds for one or more pur-
poses by ordinance or resolution and the power to issue said bonds or
to adopt such an ordinance or resolution shall not be subject to or
affected by any limitation or restriction prescribed by any other law.

, Section 33-e. The full faith and credit of the city council of
Alexandria shall be deemed to be pledged for the punctual payment
of the principal of and interest on any bonds issued pursuant to this
act and the council of the city of Alexandria shall have power annually
to levy and collect a tax ad valorem upon all taxable property of the
city sufficient to pay such principal and interest as they become due.

2. An emergency existing, this act shall be in force from its

passage.