Chap. 41.—An ACT to authorize the town council of the town of Lawrence-
ville, Brunswick county, Virginia. to issue and sell bonds to the amount
of and not exceeding $25,000.00 for the purpose of borrowing money to
repair and extend the water works system of the sald town. {H B 91]

Approved February 12, 1918.

1. Be it enacted by the general assembly of Virginia, That. the
town council of the town of Lawrenceville, Brunswick county, Vir-
ginia, be and it is hereby authorized and empowered to issue bonds
and borrow a sum of money not exceeding twenty-five thousand
($25,000.00) dollars for the purpose of repairing and extending the
water works system of the said town.

2. The said council is hereby authorized and empowered to fix
and establish the form and denomination of the said bonds. and to
provide when the same and interest thereon shall become payable;
provided, however, that all of said bonds shall be made to mature in
not exceeding twenty-five years from the date of their issue. The
said council may borrow money and issue such bonds for such pur-
poses as it may, from time to time, determine, and bearing interest
at a rate not to exceed six per centum per annum, and reserving the
right to anticipate the payment of the principal amount,of any one
or more of said bonds at any annual interest. period.

3. The said bonds shall be signed by the mayor of the said
town, attested by the clerk of the council, and shall be sold and
negotiated in such manner and upon such terms as the town coun-
cil shall prescribe ; provided, said bonds shall not be sold at less than
par value. The said town council shall have power to make annual
Appropriations out of the revenue of the said corporation to pay the
interest on the said bonds and to provide a sinking fund for the
redemption of the said bonds when due.

4. This indebtedness, being for the purpose of an income pro-
ducing investment, is not to be taken into consideration in reference
to the taxable values of the said town.

5. The necessity of raising the money for the purpose of repair-
ing and extending the water works system in said town creates an
emergency, and this act shall be in force from its passage.