Chap. 8.—An ACT validating certain outstanding indebtedness of the City of
Hampton, Virginia, incurred for the dredging of Hampton Harbor and certain
outstanding indebtedness of the City of Hampton, Virginia, incurred for the
purchase of a site for a City Hall and the building of a City Hall in the City of
Hampton, Virginia, and authorizing said city to borrow money and issue bonds
for the purpose of refunding such indebtedness and certain funds to the general
fund of the said city, and to require the council of said city annually to levy taxes
to pay the interest thereon and the principal thereof at maturity. [H B 18]

Approved February 7, 1940

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

Section 1. Forty thousand dollars ($40,000) indebtedness of the
City of Hampton, Virginia, for the dredging of Hampton Harbor,
evidenced by a note for twenty thousand dollars ($20,000) dated
January second, nineteen hundred and forty, payable at the Citizens’
National Bank of Hampton, Virginia, one hundred and eighty (180)
days after date, and another note for twenty thousand dollars ($20,000)
dated January second, nineteen hundred and forty, payable at the
Merchants National Bank of Hampton, Virginia, one hundred and
eighty (180) days after date, and fifty-three thousand five hundred
dollars ($53,500) indebtedness of the City of Hampton, Virginia, for
the purchase of a site and for the building of a City Hall in said city
in conjunction with a grant from the United States Public Works
Administration evidenced by a note for twenty-one thousand five
hundred dollars ($21,500) dated January second, nineteen hundred
and forty, payable at the Merchants National Bank of Hampton, Vir-
ginia, ninety (90) days after date, and another note for six thousand
dollars ($6,000) dated January second, nineteen hundred and forty,
payable at the Merchants National Bank of Hampton, Virginia,
ninety (90) days after date, and another note for two thousand dollars
($2,000) dated January second, nineteen hundred and forty, payable
at the Citizens’ National Bank of Hampton, Virginia, ninety (90)
days after date, and another note for five thousand five hundred dol-
lars ($5,500) dated January second, nineteen hundred and forty, pay-
able at the Citizens’ National Bank of Hampton, Virginia, ninety (90)
days after date, and another note for six thousand dollars ($6,000)
dated January second, nineteen hundred and forty, payable at the
Citizens’ National Bank of Hampton, Virginia, ninety (90) days after
date, and another note for five thousand dollars ($5,v00) dated Jan-
uary second, nineteen hundred and forty, payable at the Citizens’
National Bank of Hampton, Virginia, ninety (90) days after date, and
another note for seven thousand five hundred dollars ($7,500) dated
January second, nineteen hundred and forty, payable at the Merchants
National Bank of Hampton, Virginia, ninety days after date; all of
said notes having been signed by the Mayor and City Manager of
said city, are hereby validated, ratified and confirmed, and it is hereby
found and declared that the said notes and indebtedness constitute a
valid and legally binding obligation of the City of Hampton, Virginia.

Section 2. The City of Hampton, Virginia, is hereby authorized
to borrow the sum of one hundred six thousand five hundred dollars
($106,500) and to issue bonds of the City of Hampton, Virginia, to
refund such indebtedness, and to refund the general fund of the City
of Hampton, Virginia, in the amount of thirteen thousand dollars
($13,000) paid by the said city from the general funds of said city out
of the revenues collected in the year nineteen hundred and thirty-
nine (1939) in connection with said City Hall improvement, the said
bonds to be issued in such form and such denominations and to be
payable at such time or times not exceeding thirty years from the
date thereof as the said city may provide. Said bonds shall bear
interest at the rate of not exceeding six (6) per centum per annum.

Section 3. When the issuance of said bonds has been authorized
in accordance with the provisions of this act, they shall be offered to
the sinking funds of the City of Hampton and the sinking fund of the
school board of the said city, and the said sinking funds shall have
the right to purchase said bonds at a price of par and accrued interest.
If the bonds are so purchased, the City of Hampton and/or the school
board _of said city, or the officers of either having control of the sinking
funds, when they deem it advisable may dispose of all such bonds at
one time or parts of said issue of bonds from time to time upon the
open market at the best price obtainable. If it is determined that
the sinking funds do not desire to purchase said bonds, the City of
Hampton may then sell said bonds at either private or public sale for
not less than par and accrued interest. Said bonds when sold and de-
livered pursuant to the provisions of this act shall constitute valid
and legally binding obligations of the City of Hampton.

Section 4. After the issuance of these bonds, as herein provided,
the Council of the City of Hampton shall, notwithstanding any
limitation contained in any other statute, annually levy a special tax
on all of the property subject to taxation in and by the said city,
sufficient to pay the interest on said bonds and to create a sinking
fund to redeem the principal thereof at maturity if such bonds are
issued as term bonds, or to pay the annual installments of principal
of such bonds, if such bonds are issued as serial bonds.

Section 5. All acts or parts of acts in conflict with this act are
hereby repealed.

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