Chap. 147.—An ACT to authorize and empower the town counci] of the town)
of Farmville, Virginia, to negotiate a loan for the purpose of paying off
and discharging the floating debt of said town, caused by urgent and need-
ful repairs to the streets and public utilties owned by the town, said debt
being incurred by war times and extraordinary high cost of labor and
materials; to issue bonds for said loan to provide for payment of interest
and principal thereof and to provide a sinking fund. [H B 193]

Approved March 10, 1920.

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Farmville, Virginia, be, and it is hereby
authorized, empowered and directed to negotiate a loan not to exceed
fifty thousand dollars ($50,000.00) for. the purpose exclusively of
paying off the floating debt of the town, and to issue bonds therefor
in multiples of $500.00 each, bearing interest at not more than 6%,
per annum, payable semi-annually maturing not exceeding twenty (20)
years from date of issuance but redeemable at the option of the town
after five years from date.

2. Said bonds are to be sold at not less than par.

3. After issuing said bonds, the town council shall create a sink-
ing 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; provided,
however, that said levy shall not exceed 1% of. value of taxable
property, real and personal, in the said town.

4. Because of the fact that the said floating debts of the town
are past due, an emergency is declared to exist and this act shall be
in force and effect from its passage.