Chap. 148.—An ACT to authorize the town council of the town of Gladeville, in
Wise county, to issue bonds to improve the streets, alleys, and sidewalks of said
town.

Approved March 10, 1902.

1. Be it enacted by the general assembly of Virginia, That the council
for the town of Gladeville, in Wise county, Virginia, be, and it is hereby,
authorized and empowered to issue and sell at not less than par regis-
tered or coupon bonds to an amount not exceeding ten thousand dollars,
to be payable not exceeding thirty years after date, to bear interest not
exceeding the rate of six percentum per annum, which said interest may
be payable annually or semi-annually, payable at the office of the treas-
urer of said town, or at such other place as the said council of the said
town may direct or designate. The said bonds may be issued in denomi-
nations of one hundred dollars, or any multiple thereof, and shall be
signed by the mayor of the said town, countersigned by the recorder of
the said town and under the seal of the said corporation of Gladeville.
The proceeds of the said bonds shall be used by the council of the said
town for the purpose of improving the streets and alleys now opened,
acquiring title to, opening and improving new streets and alleys, and
constructing and improving the sidewalks of the said town as the council
of the said town may determine and direct. The said bonds may be
issued and sold from time to time: provided, the total amount of bonds
issued under this act shall not exceed the sum of ten thousand dollars:
and provided, further, that the said bonds authorized by this act shall
be issued prior to the first day of July, nineteen hundred and three.
The council of the said town shall have the power to redeem all or a part
of said bonds at such time after the issue of said bonds as it shall pre-
scribe in the ordinance directing the issue of said bonds. .

It shall be the duty of the council of said town, at the time of laying
each annual levy, until all of said bonds are redeemed, to include in said
levy an amount sufficient to pay the interest on said bonds and provide
a sinking fund sufficient to pay the principal of the same at maturity.

2. All acts in conflict with this act are hereby repealed.

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