An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1946 |
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Law Number | 163 |
Subjects |
Law Body
Chap. 163.—An ACT to authorize the City of Suffolk to issue bonds in the amount
of $70,000 to enable the city to restore to its general fund moneys advanced
therefrom to pay certain matured outstanding obligations of the city; to provide
for the issuance of such bonds and for the payment of such bonds and interest
thereon. [H B 287]
Approved March 11, 1946
Be it enacted by the General Assembly of Virginia:
1. Section 1. The City of Suffolk shall have power to issue its
negotiable bonds of the aggregate principal amount of seventy thousand
dollars in order to restore to the general fund of said city moneys ad-
vanced from suth fund by authority of the council of said city to pay the
principal of bonds of the aggregate principal amount of seventy thousand
dollars, issued in the name of said city, and which were dated the first
day of January, nineteen hundred sixteen, and which matured on the
first day of January, nineteen hundred forty-six, and which were, on such
date, valid outstanding obligations of said city
Section 2. Bonds issued pursuant to this act shall be authorized by
ordinance or resolution passed by a recorded affirmative vote of three-
fifths of all members elected to the council of said city, and shall be either
registered or coupon bonds, and shall be issued in such denominations
and bear such rate of interest, not exceeding six per centum per annum,
as may be determined by the council. Such bonds shall be made pay-
able not exceeding fifty years from their date, and may, at the option of
the council, be made redeemable at such time as the council may deter-
mine. Interest shall be payable annually or semiannually, as may be de-
termined by the council. All such bonds shall be exempt from the City
of Suffolk taxes and a clause to that effect shall be inserted in each
bond. The council may sell said bonds and determine the price at which
they shall be sold. Such bonds shall be signed by the president of the
council and countersigned by the city clerk and shall have the seal of
the city afhxed thereto.
Section 3. All moneys raised by the issuance of bonds issued pur-
suant to this act, except for any premium or accrued interest paid by the
purchaser, shall be paid into the general fund of the city and shall be used
for the uses and purposes for which said fund was established and may
lawfully be used.
Section 4. Until all bonds issued pursuant to this act shall have
been paid and discharged, the council of said city shall annually levy by
tax on all property in said city subject to taxation by said city, a sum
sufficient to pay the principal of and interest on said bonds as such prin-
cipal and interest become due, and satd tax so levied shall be collected
at the same time and in the same manner as general taxes levied by said
city and, when collected, shall be applied to the payment of such prin-
cipal and interest. ;
z2. An emergency exists and this act is in force from its passage.