Chap. 122.—An ACT to amend and re-enact Section 3090-a of the Code of Vir-
ginia, relating to cities and towns issuing new bonds for the purpose of funding
or refunding outstanding bonds and other obligations. [S B 129]

Approved March 6, 1942

1. Be it enacted by the General Assembly of Virginia, That section
thirty hundred and ninety-a of the Code of Virginia, be amended. and
re-enacted, as follows:

Section 3090-a. Whenever the council or other governing body of
any city or town in this State may deem it desirable to refund and retire
at maturity, any bonds of such city or town, heretofore or hereafter issued
for any purpose whatever, either under the provisions of general statutes
or by virtue of some special act, or to fund any such bonds before matur-
ity, when the right to fund the same may exist, such council or other gov-
erning body is hereby given the right and authority so to do, and to issue
new bonds for such purposes.
-Such new bonds shall recite the date of the bonds to be retired; the
authority under which issued; the date of the act authorizing same, if by
special act; the court by which the same was authorized and the date of
the order granting such authority, where such authorization was required
by statute; the purpose for which originally issued, and any other facts
reasonably necessary to preserve the identity of the bonds to be retired.

Such new bonds shall be issued, and provision made for payment
of the interest thereon, and the principal at maturity, in accordance with
the provisions of chapter one hundred and twenty-two of the Code of
Virginia, and may be issued in such denominations, and made to run for
such periods of time, not to exceed thirty-five years, as the council may
deem expedient.

The council or other governing body of any such city or town shall
also have the right and authority to issue bonds, or new certificates of
indebtedness for the purpose of funding, refunding or redeeming any
outstanding certificates or other form of obligations previously issued for
any indebtedness of such city or town, incurred for any of the purposes
for which cities and towns are authorized by law to borrow money, other
than obligations issued in anticipation of the collection of the revenue of
such city or town for the then current year, such bonds or new certificates
to be issued, so far as may be practicable, in conformity with the forego-
ing provisions concerning issuing new bonds.

Whenever the council or other governing body of any city or town
desires to so fund or refund any outstanding bonds and to, at the same
time, so fund, refund or redeem other outstanding obligations of such
city or town, such council or other governing body shall have the right and
authority to combine such bonds and other obligations and issue new
bonds for the aggregate amount thereof, provided the same does not ex-
ceed the limitation prescribed by section one hundred and twenty-seven
of the Constitution of Virginia. Such new bonds shall be issued, so far as
may be practicable, in conformity with, and be governed by, the foregoing
provisions for the issuing of new bonds, and shall separately recite the
amount of the bonds and other obligations to be so funded, refunded or
redeemed.