CHAPTER 348

pter 91 of the Acts of Assembly of 1919,
11, 1919, as amended, which provided a
n (now the city) of South Norfolk, by
rbered 27-a, relating to issuance of bonds,
sinking fund, and creation, powers and
of Sinking Fund Commissioners,

[S 195]
sroved April 5, 1950

General Assembly of Virginia:
-one of the Acts of Assembly of nineteen
ved September eleven, nineteen hundred
nineteen, as amended, be amended by adding a section numbered
twenty-seven-a as follows:

§ 27-a. All bonds hereafter issued shall be in serial form pay-
able, as consecutively numbered, in annual installments the first
of which shall be payable not more than five years from the date of
issue of such bonds. Bonds shall be authenticated by the seal of
the city and the signatures of the mayor and city clerk. All bonds
shall be made payable within the probable life of the improvement
or undertaking on account of which they are to be issued or, if the
bonds are to be issued for several improvements or undertakings,
within the average probable life of such improvements or under-
takings. In the case of a bond issue for several improvements and
undertakings having different probable periods of usefulness the
council shall determine the average of said periods, taking into
consideration the amount of bonds to be issued on account of each
purpose, and the maturity life so determined shall be as near as
possible the average period of usefulness. No bonds shall be pay-
able more than thirty years after their date of issuance.

There shall be established a sinking fund for the amortization
of the outstanding bonds of the city. It shall consist of the cash
and securities in the sinking fund at the effective date of this
charter change, together with the sums hereinafter required to be
paid into such fund and the interest earned on any investments
therein. There shall be included in the budget and paid into the
sinking fund annually the sum determined by the city manager
to be necessary on actuarial principals to amortize such bonds at
maturity. These actuarial principals shall be applied by figuring
the amounts from January Ist, 1954 for all bonds issued subsequent
to that date and not from the date of issue of each respective bond
issue. The sinking fund may be invested only in bonds or other
direct obligations of the United States of America, the Common-
wealth of Virginia and the city of South Norfolk, Virginia.

The management of the sinking fund from the effective date of
this provision of the charter shall be entrusted to a Board of Sink-
ing Fund Commissioners which shall consist of the city manager,
whomsoever he may be, and two qualified voters of the city, neither
of whom shall hold other office in the city, who shall be appointed,
with reference to their qualifications for the conduct and manage-
ment of financial affairs, by the council for terms of four years,
provided that of those first appointed one shall serve for two years
and one for four years from the first Tuesday in September, 1950.
Vacancies shall be filled by the council for the unexpired portion
of the term.

The members of the Board of Sinking Fund Commissioners
yhall meet annually during the first week in January to organize
the sinking fund commission as herein provided. They shall elect
a president, a secretary and a treasurer. A person not a member
of the commission may be elected secretary.

All disbursements, investments, sale or transfer of securities
shall be upon resolution of the Board of Sinking Fund Commis-
sioners.

The members of the Board of Sinking Fund Commissioners,
other than the city manager, shall receive no compensation and
shall give bond with corporate security to the municipality for the
faithful performance of their duties in such sum as shall from
time to time be fixed by the city council. All surety bond premiums
and all expenses necessarily incurred by the Sinking Fund Com-
mission in the discharge of its duties shall be paid from general
funds and not from the sinking fund account.

The Board of Sinking Fund Commissioners shall report
annually, on or before January 15th, to the city council fully
and in detail with reference to the amount, investment and suffici-
ency of the sinking funds in their hands as of December 31st of
the previous year. Such report shall be spread upon the minutes
of the council.