Chap. 114.—An ACT to authorize and empower the council of the town of
Manassas, Virginia, to negotiate a loan for the purpose of paying off and
discharging the floating debts of the said town, caused by the urgent and
necessary repairs and materials for the streets and public utilities owned
by the town; to issue bonds for said loan; to provide for the payment of
principal and interest thereof and to provide a sinking fund. [H B 126]

Approved March 4, 1922.

1. Be it enacted by the general assembly of Virginia, That
the town council of the town of Manassas, Virginia, be, and it is
hereby authorized, empowered and directed to negotiate a loan not
to exceed the sum of twenty-two thousand dollars ($22,000.00) for
the purpose exclusively of paying off the floating indebtedness of the
town, and to issue bonds therefor, bearing interest at not more than
six per centum per annum, payable semi-annually, and maturing not
exceeding twenty (20) years from date of issuance, but redeemable, at
the option of the town, after five years from date.

2. The said bonds shall not be sold for less than par.

3. After issuing the said bonds, the town council shall create a
sinking fund to be applied to the redemption and payment of said
bonds, and shall levy on real estate and tangible personal property
taxes in addition to the regular levy for town purposes, to an amount
sufficient to pay the interest and provide for said sinking fund, pro-
vided that the said levy shall not exceed an amount sufficient for
such purposes.

4. By reason of the fact that the floating debts of the said town
are past due and should be paid at the earliest possible time, an emer-
gency is declared to exist and this act shall be in effect from its
passage.