Chap. 201.—An ACT to empower the mayor and town council of
the town of West Point, to borrow money and issue bonds there-

for.
Approved February 24, 1886.

1. Be it enacted by the general assembly of Virgina, That
the mayor and council of the town of West Point be and they
hereby are authorized to borrow for said town, for the purpose
of buying a lot and erecting a public school building thereon
in said town, a sum of money not exceeding five thousand dol-
lars, by the issue and sale of the bonds of said corporation, as
hereinafter provided.

2. Said bonds shall be registered or coupon; shall be issued
in such denominations, and shall bear such rate of interest, not
exceeding six per centum per annum, as the council of said
town shall deem best. The principal of said bonds shall be
payable in twenty years from their date, or upon call of said
corporation, at any time after five years from their date. The
said bonds shall be signed by the mayor, and countersigned by
the treasurer of said town, and shall be sold and negotiated in
such manner, and upon such terms, as the council of said town
may prescribe: provided, that said bonds shall not be sold for
less than their par value.

3. The interest on said bonds shall be paid annually, and the
council of said town shall have power to make annual appro-
priations out of the revenue of said town to pay such interest,
and to provide a sinking fund for the redemption of said
bonds.

4. All money realized from the sale of-such bonds shall be
used by said council for buying a lot within said town and
erecting a public school building thereon, and for no other pur-
pose whatever.

5. Said mayor and council shall not be authorized to issue
such bonds until an election shall be held as herein provided.
The election shall be held by order of the council. Thirty
days’ notice shall be given of such election, by notice posted
at the front door of the town hall in said town, The votes in
said election shall be cast for school bonds, or against
school bonds. If a majority of the freeholders in said town
shall vote in favor of the issue of such bonds, then the said
mayor and council shall have power to issue such bonds, but
not otherwise. The council shall prescribe the manner of hold-
ing and canvassing the returns of said election.

6. All acts or parts of acts inconsistent with this act are
hereby repealed.

7. This act shall be in force from its passage.