The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-12

the grantee OF said tranchlSe, pFo'iue
that upon the termination of the grant
the plant as we'll as the property, If any
of the grantee in the streets, avenues
and public places shall thereupon. without
further or other compensation TO the
grantee, or upon the payment OF talr
valuation therefor. be and become the
property of the said city or town; out
the grantee shall be entitled TO no pay
ment by reason of the value OF the
franchise and any such plant and prop
erty acquired by a city may be main
tanned, controlled and operated by such
city or town. Every such grant shall
specify the mode of determining any
valuation therein provided for. and shall
make adequate provision by way OF for
feiture OF the grant, or otherwise, to Sc
sure efficiency OF public service at rea-
sonab!e rates, and the maintenance of
the property in good order throughout
the term of the grant.
aection l.. Inc General Assembly snail
PROVIDE t,y general laws equally appii-
cable to ali cites ana TOWN., Tor the eN-
tension ana contraction from time TO
TINE, as occasion may arise, OF the cor
poIate hmiLs OF all cities and towns
an no speCIaI act for such purposes shall
be valid
Section Is. No city or town shall issue
any BONDS or other interest bearing obll-
cations for any purpose or in any man
ner to an amount which, including exist
ing Indebtedness, shall at any time exceed
e.snLeen per cehtum OF the assessed val
uation OF the real estate In said city
subject te taxation, as shown by the
last preceding assessment for State taxes;
/ PROVIDED however. that nothing above
| contained in this section shall apply TO
| those cities and towns whose charters
/ existing a the date of adoption or the
| constitution, authorize a larger percent
no., t. tf,r@ yef
| this section: and provided further that In
| determining the limitation OF a city S
power to incur Indebtedness, there shall
! not be included the following classes OF
| Indebtedness:
BONDS AND OBLIGATIONS.
| (a-) Certificates of Indebtedness, rev.
! enue bonds or other obligations issued
| In anticipation Of the collection OF the
| revenue OF such city for the then current
| year, provided such certificates, revenue
bonds or other obligations mature within
! one year from the date of their issue, and
| be not past due, and do not exceed the
| revenue for such year:
CD Bonds authorized by the affirma-
| tive vote Of two thirds OF the members
| of the council. approved by the mayor.
and approved by the affirmative vote OF
| the majority OF the qualified voters OF
| the city voting upon the question OF their
/ issuance, at the next ensuing election, or
| at a special election held for that pur-
pose. for a supply OF water or other
specific undertaking from which the city
| or town may derive revenue; but from
and after a period to be determined by
| the council, not exceeding five years from,
| the date Of such election. whenever and
| for SO lons as such undertaking fails to
| produce sufficient revenue to pay for cost
! II p-ration ard administration Cnciudfns
| iterest on bonds issued therefor. and the
| cost of insurance against loss by tre.
| accident and injuries to persons) and an
| annual amount to be covered into sink
| ing fund sufficient to pay at or before
ma turitrr all bonds issued on account OF
said undertaking. all such bonds out
| standing shall be included in determin-
! fg the Limitation of the power to incur
| Indebtedness unless the principal and in
| terest thereof be made payable exclusive
| " from the receipts of the undertaking.
| Section II. In cities and towns the as
| sessment of real estate and personal
property for the purpose OF municipal
taxation. shall be the same as the as
.sessrert thereof for the purpose Of state
| taxes.