§ 49. Penalty for failure to pay license taxes.

The council may subject any person, who without having obtained a license therefor, shall do any act or follow any employment or business in the city, for which a license may be required by ordinance, to such fine or penalty as it is authorized to impose for any violation of its laws.

Sec. 50. Sinking fund-Establishment; purpose generally; permissible investments.

There shall be set aside annually from the revenues of the city, a sinking fund equal to not less than one per centum on the aggregate outstanding debt of the city, which by its terms is not payable within one year, and on the debt of the city contracted for a new water system for said city, or for improving the present system, there may be set aside an additional fund equal to the two per centum of said debt contracted for a water system for said city; provided that no sinking fund need be set aside for the retirement of serial bonds maturing periodically. Said sinking fund shall be applied to the debt or debts for the discharge of which it was created, and until so applied, shall be invested, with its accumulations of interest, in direct obligations of the United States Government, or in other bonds and/or securities, the payment of which are guaranteed both as to principal and interest by the Government of the United States, or in bonds of the State of Virginia, or of the City of Lynchburg, or of any city in the State of Virginia having a population of ten thousand inhabitants or over, according to the latest United States census.

(Acts 1942, ch. 167, p. 220)

Cross reference— Sinking fund, § 18-106 et seq.

(Acts 1942, ch. 167, p. 220)

Cross reference

Sinking fund, § 18-106 et seq.