Chap. 113.—An ACT to amend the charter of the city of Charlottesville, approved
March 24, 1922, as amended by an act approved March 21, 1928, by amending
and re-enacting sections 23 and 24. [S B 228]

Approved March 14, 1934

1. Be it enacted by the General Assembly of Virginia, That an act
entitled an act to amend and re-enact all acts creating and amending
the charter of the city of Charlottesville, and to provide a charter and
special form of government for the said city, et cetera, approved
March twenty-first, nineteen hundred and twenty-eight, as amended
by an act approved March twenty-first, nineteen hundred and twenty-
eight, be amended by amending and re-enacting sections twenty-three
and twenty-four thereof as follows:

Section 23. To provide for the payment of the bonded debt of the
city there shall be set apart annually by the council from the revenues of
the city such sum as will be sufficient to meet each issue of bonds, either
heretofore or hereafter issued, as the same shall become due, except
that for any issue of bonds a definite amount of which is payable an-
nually and known as serial bonds, no sum shall be so provided; but
for such serial bonds the council shall make in their annual budget
definite provision for their payment. The fund thus set apart shall be
paid in two equal installments on the first day of January and the first
day of July in each year, to the sinking fund commissioners hereafter
designated, and shall, together with the accretions thereto arising from
interest on investments, et cetera, be known as the sinking fund, and be
held sacred for the payment of the debt of the city as it shall become
due; and if no part of said debt be due or payable, said fund shall be
invested in the bonds or certificates of debt of said city, or of this State,
or the United States, or of some State of this Union, or any other se-
curities which under the laws of the State of Virginia are designated
and approved for the investment of fiduciary funds; said fund shall,
in the hands of the treasurer, as to all questions of investments, pur-
chase or sale within the limitations of this section, be subject to the
orders and management of the mayor, chairman of the finance com-
mittee of the council, auditor and treasurer, who together shall com-
pose the sinking fund commission.

Section 24. The council of said city may negotiate any loan or loans
for the purpose of improving the streets, lighting the same, buying
necessary real estate, erecting public buildings, supplying the city with
water, sewerage, and for other purposes; and shall have authority to
issue registered and coupon bonds, as well as serial, registered and
coupon bonds, for the said loan or loans, payable not more than forty
years after the date of said bonds, and said bonds shall bear interest
at a rate not greater than five per centum, payable semi-annually; pro-
vided, that the council shall not negotiate such loan or loans, and issue
bonds therefor, for sums which when added to the debt of the city
then existing, shall cause the total indebtedness of the city to be greater
than eighteen per centum of the assessed valuation of the real estate of
the city subject to taxation, as shown by the last preceding assessment
for taxes; provided, however, that in determining the limitation of the
power of the city to incur indebtedness, there shall not be included the
classes of indebtedness mentioned in subsections a and b of section
one hundred and twenty-seven of the Constitution of the State; and
provided, further, that such bonds are authorized by an ordinance
enacted in accordance with section one hundred and twenty-three of
the Constitution of Virginia, and approved by the affirmative vote of a
majority of the qualified voters of the city who vote upon the question
of their issuance, which majority shall include a majority of the votes
cast by those taxpayers of the city at such election, who pay a tax
on real or personal property, assessed at two hundred and fifty dollars,
or more, to be ascertained at a general election or at a special election
held for that purpose; said special election, if one be held, to be ordered
by the council, and to be conducted in accordance with the law of the
State of Virginia, regarding election by the people. But no election
touching the question shall be held until notice thereof has been given by
publication for four successive weeks in one or more newspapers pub-
lished in said city, and recorded in a book to be kept for that purpose.