Chap. 80.—An ACT to amend and re-enact Section 3079 of the Code of Virginia,
as heretofore amended, relating to the purposes for which cities and towns
may issue bonds, and to the amount of such bonds. (H B 136]

Approved February 24, 1940

1. Be it enacted by the General Assembly of Virginia, That
section thirty hundred and seventy-nine of the Code of Virginia, as
heretofore amended, be amended and re-enacted so as to read as
follows:

Section 3079. Any city or town of this Commonwealth may issue
bonds for any one or more of the following purposes, namely: to
provide for water supply, water works, electric lights or other lighting
system, wharves, docks, harbors, et cetera, and suitable equipment
against fire; or for erecting or improving school buildings, jails, city
or town halls, fire houses, libraries, museums, and other public build-
ings, incinerators, auditoriums, armories, airports and equipment and
furnishings for same; or for grading, paving, repaving, curbing or
otherwise improving any one or more of the streets or alleys, or
widening existing ones, in such city or town; or for locating, insti-
tuting and maintaining sewers and culverts in and along any of
such streets, or avenues, or alleys, or any part thereof; or for any
other permanent public improvement; or for the purpose of acquiring
or providing for public parks and play grounds; or for funding or
refunding existing indebtedness. No city or town shall, however,
issue any bonds or other interest bearing certificates for any purpose
or in any manner to an amount which, including existing indebted-
ness, shall at any time exceed eighteen per centum of the assessed
valuation of the real estate in the city or town subject to taxation,
as shown by the last assessment for taxes; but nothing above con-
tained in this section shall apply to those cities and towns whose
charters, existing at the time of the adoption of the present Constitu-
tion, authorize a larger percentage of indebtedness than is authorized
by this section.