Chap. 30.—An ACT to authorize the Town of Colonial Heights to issue bonds
in the amount of $30,000.00, without holding an election on the question, for
the purpose of refunding certain outstanding notes, reimbursing the sinking
fund of the town, and for the completion of certain improvements therein, to
provide for the payment of said bonds, and to validate, ratify and confirm the
said outstanding notes of the town. [H B 138]

Approved February 26, 1938

1. Be it enacted by the General Assembly of Virginia, as follows:

Section 1. The town of Colonial Heights is hereby authorized,
without holding an election on the question, to issue its serial bonds
in the aggregate amount of thirty thousand dollars, in such number and
denominations, and payable at such times, as the town council may
deem proper, the proceeds of said bonds to be used for the purpose of re-
funding twenty thousand five hundred dollars, outstanding tax anticipa-
tion notes of the town, which are hereby validated, ratified and confirmed
and found to be valid and legally binding obligations of the town, re-
imbursing its sinking fund, and completing improvements already com-
menced. The said bonds shall be signed by the mayor and attested
by the clerk, or recorder, shall bear interest at a rate not exceeding
four per centum per annum, and shall be sold at not less than par;
and it shall be the duty of the council to levy annually, on all the prop-
erty in the town, subject to local taxation, a tax sufficient to pay the
interest on said bonds and to create a sinking fund for the payment
of the principal thereof at maturity.

Section 2. This act shall be authority for the issuance of the bonds
provided for in the preceding section hereof, regardless of any general
act that may be passed at the same session of the General Assembly.

Section 3. An emergency is hereby declared to exist and this act
shall be in effect from and after the date of its passage.