Chap. 428.—An ACT to authorize the mayor and council of the town of Wood-
stock, in the county of Shenandoah, State of Virginia, to borrow money
and issue bonds for the purpose of acquiring water, constructing and
improving the water system of said town of Woodstock, and providing for
the submission of the issuance of bonds for these purposes to the qualified
voters of said town. [S B 413]

Approved March 23, 1920.

1. Be it enacted by the general assembly of Virginia, That the
mayor and council of the town of Woodstock be, and they are hereby,
authorized and empowered to borrow money for said town, not exceed-
ing thirty thousand dollars ($30,000.00) for the purpose of acquiring
water and constructing and improving the water system of said town,
and to issue bonds for the corporation for the said sum to an amount
not to exceed thirty thousand dollars ($30,000.00), nor in a sum
exceeding the constitutional limitation, such bonds to be issued and
sold in the manner hereinafter provided.

2. The said bonds shall be registered or coupon, and shall be
issued in denomination of one hundred dollars ($100.00) or any
multiple thereof, as the council may prescribe, and shall bear interest
at a rate not exceeding six per centum per annum, payable annually
or semi-annually, as the council may prescribe, and shall be payable
in not less than fifteen nor more than thirty years after date, but
such bonds shall be made payable at the call of the council of said
town at any time after twenty years from date, provided such pro-
vision be inserted in said bond. The purchaser or purchasers of
said bonds, under authority of this act, shall not be required to see
to the appropriation and expenditure of the funds derived therefrom.

3. The proceeds of sale of said bonds hereby authorized shall
be applied by and under the direction of the common council of said
town for the purpose of acquiring water, extending, improving and
completing the water system of said town, together with the cost
of acquiring by purchase, condemnation or otherwise such real estate
and other property rights as may be necessary to be used in connec-
tion with such water and other permanent improvements, whether
the same be within or without the corporate limits of said tow
and the said council of the town of Woodstock is expressly autho:
ized to acquire by purchase, condemnation or otherwise, real esta
and other property rights, whether within or beyond the corpora
limits of the town, as may be necessary to be used in acquiring wat
and in extending, improving and completing the water system ¢
said town.

4. The said bonds shall be in denomination of one hundre
dollars ($100.00) or any multiple thereof, as the council may pre
scribe; they shall be signed by the mayor and countersigned by th
clerk, with the corporate seal afhxed, provided that such bonds sha
not be sold at less than their par value.

The council shall have power to make annual appropriation ou
of the revenue of the corporation to pay the interest on the said bond:
and to provide a sinking fund for the redemption of said bonds whe
due or when redeemed before maturity, as aforesaid.

5. The money received from-the proceeds of said bonds shal
be paid over to the treasurer of the council of said town of Wood
stock, and shall be disbursed by him under the direction of the coun
cil. The treasurer aforesaid, and the surety on his. official bond, sha!
be liable for the amount so received as though it were a town levy
and the said treasurer shall receive for his services a commission 0!
one-half of one per centum of all funds coming into his hands derivec
from the sale of said bonds.

6. But no bonds shall be issued under this act until the questior
whether the said bonds shall be issued shall be submitted to the
qualified voters of said town, at an election to be held, at such time
as the council may determine, under the terms, and according to the
provisions of the general law prescribing the method of determining
whether bonds may be issued by towns, nor unless the issuing of said
bonds shall be approved by a majority of the qualified voters, voting
at said election.

7. Owing to the immediate necessity for acquiring an additional
supply of water for the town, and for making immediate improve-
ments in the water system of said town, an emergency is declared
to exist, and this act shall be in force from its passage.