Chap. 98.—An ACT to validate the issuance of $200,000 of bonds by the town
of South Boston, Virginia, and to authorize the issuance of the same and
to provide for the levy of a tax to pay the interest on said bonds and
provide for-a sinking fund. [S B 243]

Approved February 25, 1922.

Whereas, the freeholders of the town of South Boston, Virginia,
voting at an election legally called and held on January fourth, nine-
teen hundred and twenty-two, voted in favor of the issuance by the
town of South Boston, of two hundred thousand dollars of bonds for
the following purposes :

Ninety thousand dollars of bonds for the purpose of funding the
existing indebtedness of the said town of South Boston, now evi-
denced by notes and certificates of indebtedness issued by said town
to contractors for street improvement work done in said town.
Sixty thousand dollars of bonds for the purpose of constructing a
high school building in the town of South Boston, for the use of
the public schools of the town of South Boston.

Fifty thousand dollars of bonds for the purpose of laying and con-
structing a water and sewer line to the western part of the town of
South Boston, known as the West End; and,

Whereas, acting in pursuance of the authority of said election, the
council of the town of South Boston, on January thirteenth, nineteen
hundred and twenty-two, passed an ordinance that the said bonds
should be issued ; and,

Whereas, it is the desire of the said town of South Boston that
there by removed any question regarding the validity of the said
bonds so to be issued, or the right and power of the council of the
said town to issue the said bonds; and that the said bonds be declared
valid by the general assembly of Virginia; and that there be con-
ferred upon the council of the town of South Boston full power and
authority to levy upon the property situate within the said town a tax
sufficient to pay the interest on the said bonds and to provide a suf-
ficient sinking fund to pay the said bonds at their maturity ; therefore,

1. Be it enacted by the general assembly of Virginia, That
the council of the town of South Boston, may issue bonds of the
town of South Boston in the aggregate principal sum of two hundred
thousand dollars, for the following purposes:

Ninety thousand dollars of bonds for the purpose of funding the
existing indebtedness of the said town of South Boston now evidenced
by notes and certificates of indebtedness issued by said town to con-
tractors for street improvement work done in said town.

Sixty thousand dollars of bonds for the purpose of constructing
a high school building in the town of South Boston, for the use of the
public schools of the town of South Boston.

Fifty thousand dollars of bonds for the purpose of laying and
constructing a water and sewer line to the western part of the town
of South Boston, known as the West End.

Said bonds shall be numbered consecutively from one upward, of
the denomination of one thousand dollars each; shall be dated Feb-
Tuary first, nineteen hundred and twenty-two; shall be payable Feb-
ruary first, nineteen hundred and forty-two, and shall bear interest at
the rate of not exceeding six per centum per annum, payable semi-
annually, on the first day of February and August in each year after
date of said bonds, and at the maturity of said bonds. Said bonds
shall be coupon bonds with the privilege of conversion into registered
bonds. They shall be signed by the mayor of said town and at-
tested by the clerk of said town, and the corporate seal of said town
shall be thereto affixed; and the coupons to be attached to said bonds
shall be authenticated by the facsimile signatures of said mayor and
clerk. Said bonds and coupons shall be substantially in the following

orm:
ED STATES OF AMERICA
ONWEALTH OF VIRGINIA
NN OF SOUTH BOSTON
(MENT AND FUNDING BOND

ese presents: That the town of South Boston,
n of the Commonwealth of Virginia, for value
s itself indebted and promises to pay to the
be converted into registered bond, to the regis-
1e sum of one thousand dollars ($1,000.00) on
ary, nineteen hundred and forty-two, together
rom the date thereof until the payment of the
the rate of ~---.-_- per centum per annum,
on the first day of February and August in
maturity of this bond, upon presentation and
ced coupons as they severally become due, or,
‘ted into a registered bond, to the registered
principal and interest of this bond are payable
ited States of America of the present standard
$s, or its equivalent in value, at the National
the city of New York, N. Y.
he holder this bond will, upon presentation to
wn of South Boston, be converted into a regis-
nexed coupons detached and cancelled, and the
tered hereon and in books kept in the office
thereafter both principal and interest will be
pistered holder thereof, and this bond will be
presentation to said treasurer, with a written
wledged or proved, such transfer to be noted
ks.
an issue of ___-.------------- bonds of like
ed from one to __--------.------- , Inclusive,
tion twenty-two of an act of the general as-
itled an act to incorporate the town of South
f Halifax, approved January thirtieth, eighteen
ht, as amended, and pursuant to the affirmative
he freeholders who were registered voters and
voting at an election duly called and held on
ary, nineteen hundred and twenty-two, and by
entitled an ordinance authorizing an issuance
and dollars improvement and funding bonds,
ayment of principal and interest on said bonds,
ouncil of said town on the thirteenth day of
red and twenty-two, and pursuant to an act of
f Virginia, approved ~-----------------+----.
ed and recited that all conditions, acts and
> Constitution and statutes of the Common-
exist, to have happened and to be performed

CV
precedent to and in the issuance of this bond exist, have happened
and have been performed and that the issue of bonds of which this
is one, together with all other indebtedness of said town, is within
every debt and other limit prescribed by the Constitution and laws
of said Commonwealth, and the faith and credit of said town are
hereby pledged irrevocably to the punctual payment of the principal
and interest of this bond according to its terms.

In witness whereof, the town of South Boston has caused these
presents to bé signed by its mayor and attested by its clerk, and its
corporate seal to be hereunto affixed and the interest coupons hereto
attached to be signed with the facsimile signatures of said mayor
and clerk, and this bond to be dated February first, nineteen hundred
and twenty-two.

Attest:

(FORM OF COUPON)

The town of South Boston, in Virginia, will pay to the bearer on
the first day of --_----_-_.__-_-___- 19_____ ee
re nT dollars in gold coin of the United States of America
of the present standard of weight and fineness, or its equivalent in
value, at the National Bank of Commerce, in the city of New York,
N. Y., being ~---.-.---_--------- month’s interest then due on its
improvement and funding bond number ~_-_----------------------
dated February first, nineteen hundred and twenty-two.

(CONVERSION CERTIFICATE)

I hereby certify that upon presentation of the within bond, with
a written request by the owner thereof, for its conversion into a
registered bond, I have this day cut off and destroyed ~..---------
coupons attached hereto, numbered from ~-_-.----------------- to
~------------------- _--, inclusive, amounting in the aggregate to
($_----------------- ) dollars, and that within bond is hereby con-
verted into a registered bond, with the principal and interest hereo!
payable to ------------------------------------ assignee or Icgal
representative.

Treasurer.
Any bonds reciting that they are issued pursuant to this act, shall
In any suit, action, or proceeding involving their validity be con-
clusively deemed to be fully authorized by this act and to have been
issued, sold, executed and delivered in conformity herewith and with
all other provisions and statutes applicable thereto, and shall be
incontestible, anything herein or in other statutes to the contrary
notwithstanding, unless such suit, action or proceeding is begun prior
to the delivery of such bonds. |

2. Until the principal and interest on said bonds shall be fully
paid there shall be levied and collected annually by tax on all property
in the town of South Boston subject to taxation under the general
laws of the State of Virginia a sum sufficient to pay the interest on
all of said bonds outstanding as it becomes due and a further sum
paid into a sinking fund sufficient to retire said bonds at maturity.