Chap. 255.—An ACT to authorize and empower the town of Orange to borrow
not exceeding fifteen thousand dollars to be used for street improvement
purposes, and to issue bonds therefor; and if such bonds be issued, to
provide for the payment of the interest thereon and the principal: thereof
at maturity. (H B 527]

Approved March 15, 1922. |

1. Be it enacted by the general assembly of Virginia, That the
town of Orange, Virginia, be authorized and empowered to borrow
money not to exceed the sum of fifteen thousand dollars ($15,000.00),
the proceeds of such loan to be used for street improvement in said
town. The said town may issue bonds, not to exceed the sum of
fifteen thousand dollars ($15,000.00) to bear interest not to exceed
six per cent per annum, payable semi-annually, with interest coupons
attached thereto, and the principal thereof to be paid twenty-five
years after the date thereof, but, at the option of the said town, may
be paid after five years from the date thereof. Said bonds to be
a lien upon all of the real estate-of the said town of Orange. The
said real estate shall be pledged for the principal and interest of the
said bonds as therein set forth and as shown by interest coupons
thereto attached.

The said bonds shall be in denominations of one hundred dollars
($100.00) and, in making sale of same in accordance with the pro-
visions of this act, such bonds shall in no event be sold at less than
par value thereof. | ,

And the said town of Orange shall provide for the payment of
accruing interest on said bonds, or so many thereof as may be issued
and sold and also for the payment of the principal of said bonds
by creating each year a sinking fund for such purpose.

The said bonds, or any one or more of the same, may be issued
and sold by the said town of Orange only for the, purposes herein
set forth. a eT

2. The necessity for raising money for the purposes of aforesaid
street improvement in said town creates an emergency and this act
shall be in force from its passage.