Chap. 31.—An ACT to validate certain bonded indebtedness of the school board of
the city of Hampton, Virginia, and to authorize the said school board of Haimp-
ton, Virginia, to issue bonds for the purpose of refunding such indebtedness
and to require the council of the said city of Hampton, Virginia, annually to
levy taxes to pay the interest on, and the principal of, the said bonds herein
authorized to be issued. [SB 39]

Approved February 12, 1940

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

Section 1. The one hundred, thirty thousand dollars ($130,000.00)
school bonds issued by the school board of the city of Hampton, Vir-
ginia, dated July one, nineteen hundred and twenty-one, and bearing
interest at six (6) per centum per annum, payable July first and
January first, the principal amount of which bonds will be due and
payable July one, nineteen hundred and fifty-one, and which bonds
are callable July one, nineteen hundred and forty-one, are hereby
validated, ratified; and confirmed, and it is hereby declared that the
said bonds constitute a valid and legally binding obligation of the
school board of the city of Hampton, Virginia.

Section 2. For the purpose of refunding the aforesaid indebted-
ness or any portion thereof, the school board of the city of Hampton,
Virginia, is hereby authorized to issue bonds of the school board of
the city of Hampton, Virginia, to evidence such indebtedness, the
said bonds to be issued in such form and such denominations and to
be payable at such time or times, not exceeding thirty (30) years
from the date thereof, as the school board of the city of Hampton,
Virginia, may provide; the said bonds shall bear interest at the rate
of not exceeding six (6) per centum per annum.

Section 3. The school board of the city of Hampton, Virginia, is
authorized to sell said bonds at public or private sale or may sell
any part of the said bonds to the sinking fund of the said school
board at a price of not less than par and accrued interest. After
said bonds have been so sold, they shall constitute legally binding
outstanding obligations of the School Board of the city of Hampton,
Virginia.

Section 3-a. Said refunding bonds may be delivered to the pur-
chaser thereof prior to the maturity date of the outstanding in-
debtedness authorized to be refunded hereby, or prior to the date
upon which said bonds are called for redemption.

Section 4. After the issuance of these bonds, as hereinabove pro-
vided, the council of the city of Hampton, Virginia, shall notwith-
standing the provisions of any other statute annually levy a special
tax upon all the property subject to taxation in and by the said city
sufficient to pay the interest on the said bonds, and to retire said
bonds as they may become due.

Section 4-a. This act shall be complete authority for the issuance
of the refunding bonds authorized herein.

Section 5. All acts or parts of acts in conflict herewith are hereby
repealed. , ,

Section 6. An emergency existing, this act shall be in force from
Its passage.