Chap. 371.—An ACT to authorize the council of the city of South Norfolk to
borrow money not in excess of $100,000.00, and to issue its bonds therefor for
the purpose of funding and refunding certain school bonds, and to fund certain
temporary loan notes or other obligations and to pay off the floating indebted-
ness of the said city, and to provide for the levy of a tax to pay the interest
on said bonds and to retire the same as they mature. [H B 202]

geese Tonge
oe igs :

Approved March 28, 1932 re

Be it enacted by the general assembly of Virginia, as follows:

1. The council of the city of South Norfolk be, and it is hereby
authorized to borrow, from time to time, sums of money not exceeding
one hundred thousand ($100,000.00) dollars, in the aggregate, and from
time to time to issue its bonds therefor (form of said bonds shall be
prescribed by said council), the said bonds to be issued in such
denominations and to be payable at such time or times, not exceeding
thirty years from the date thereof, as the said council may provide.
Said bonds shall bear interest at not exceeding six per centum per
annum, and shall not be sold for less than par.

2. The bonds issued by the said council in pursuance of this act
shall be signed by the mayor of the city of South Norfolk, sealed with
the seal of said city, duly attested by the clerk of said city, and the
proceeds received from the sale of these bonds shall be used for the
purpose of funding and refunding certain school bonds, becoming due
in the year 1932, and for funding or payment of outstanding temporary
loan notes or other obligations heretofore issued by the city of South
Norfolk in anticipation of the receipt of taxes and revenues of the
then current fiscal year, or for the funding or payment of any tem-
porary loan notes or other obligations issued in renewal of any such
outstanding temporary loan notes or obligations, and to pay off the
floating indebtedness of said city, but no purchaser shall be required
to see to the application of the purchase money of said bonds. The
sale of said bonds may be conducted, negotiated and effected in such
manner as the council may determine and prescribe. The bonds author-
ized by this act shall constitute the general obligations of the city of
South Norfolk and the full faith and credit of the said city is hereby
pledged for the payment of the principal and interest of said bonds.

3. After the issuance of said bonds, and while said bonds or any
of them remain outstanding, the council of the city of South Norfolk
shall, annually levy a tax on all real and personal property subject to
city taxation in said city sufficient to provide for the payment of in-
terest on the said bonds and to create a sinking fund to redeem the
principal thereof at maturity.

4. An emergency existing, this act shall be in force and effect from
its passage.