Chap. 52.—An ACT to amend an act entitled “an act to incorporate the
town of Virginia Beach, in the county of Princess Anne, Virginia.”,
approved March 6, 1906, as heretofore amended, by adding thereto a
new section numbered 6-a, providing for setting up and maintaining
a debt fund for the payment of the interest on and principal of certain
bonded indebtedness of said town. ; [H B 132]

Approved February 21, 1942

1. Be it enacted by the General Assembly of Virginia, That
an act entitled “an act to incorporate the town of Virginia Beach,
in the county of Princess Anne, Virginia.”, approved March sixth,
nineteen hundred and six, as heretofore amended, be amended by
adding thereto a new section numbered six-a, as follows:

Section 6-a. The town of Virginia Beach shall maintain a
debt fund to be held in cash or in investments safeguarded in
accordance with all applicable laws of Virginia and used to serv-
ice its bonded and floating debt. The town shall appropriate from
its general funds and pay into the debt fund the sum of sixty-five
thousand ($65,000.00) dollars in each fiscal year until the end of
the fiscal year nineteen hundred and sixty-four-sixty-five. The
debt fund shall be available and be used for the payment of inter-
est on and orderly amortization of the bonded and floating debt
of the town as it existed at the end of August, nineteen hundred
and forty and shall not be used for any other purpose. During this
period the town shall also appropriate yearly from its general
funds the money required for interest on any bonded or floating
debt incurred after August thirty-first, nineteen hundred and
forty and for the amortization thereof at a rate to be fixed by the
mayor and council of the town. These moneys shall be paid into
the debt fund and accounted for separately in that fund and shall
be used solely for the required interest on and amortization of
each separate debt incurred and no such debt shall be incurred
except in connection with an ordinance specifying the yearly in-
terest and amortization rates. After the end of the fiscal year
nineteen hundred sixty-four-sixty-five the town shall continue to
maintain a debt fund until its bonded debt as the same now exists
shall have been paid in full with appropriations thereto sufficient
to avoid any default in such debt but thereafter the continuation
of a debt fund shall rest within the discretion of the town.

2. An emergency exists and this act is in force from its
passage.