Chap. 447.—An ACT to authorize the town of Coeburn, in the county of Wise,
Virginia, to issue bonds not exceeding the sum of eighty thousand dollars,
for the purpose of building and maintaining a.sewerage and water system
or either, as the council may determine; to allow the council of said town
to issue bonds if the same shall be authorized by a majority of the qualified
voters, and to levy and collect a special tax to pay the interest thereon, and
create a sinking fund for the redemption thereof at maturity. [H B 351}

Approved March 24, 1920.

1. ‘Be it enacted by the general assembly of Virginia, That the
mayor and town council of the town of Coeburn, in the county of
Wise, be, and they are hereby, authorized and empowered to issue
the bonds of the said town, and to borrow money not to exceed in the
aggregate, eighty thousand dollars, as provided hereinafter, or as
much thereof as shall-net exceed the constitutional limitation of eigh-
teen per centum of municipal indebtedness, the proceeds of the sale
of the said bonds, or so much thereof as may be necessary, to be
expended in the building and maintaining of a sewerage system and
water system, or either as the council may determine for said town,
and to meet the expenses connected therewith, as may be deter-
mined by the said council.

Said bonds may be either coupon or registered, in denominations
of one hundred dollars or multiples thereof, and shall bear a rate
of interest not exceeding six per centum per annum, payable annually.
The principal of said bonds shall be payable in thirty years from
said date thereof, or upon call of the said corporation at any time
after ten years from the date of said bonds, such call to be advertised
in some paper for three days, published in the county of Wise, the
bonds called to be selected by lot by the said council. The said bonds
shall be signed by the mayor and the treasurer of said town, and
have affixed to them the seal of the said town attested by the recorder
of said town, and shall be negotiated and sold in such manner, and
the proceeds of the sale thereof shall be deposited in the banks
of town of Coeburn in an equitable proportion and paid out in like
manner as may be prescribed by the said council, and shall be kept
separate and apart from the general funds of the said town, to be paid
out on the joint warrant of the mayor and recorder of the said town,
which warrant shall distinctly show that same is to be paid out of
the proceeds of said bond issue; provided, however, the bonds shall
not be sold for less than their face value.

3. The council of the said town is hereby authorized to annually
levy on the real estate and tangible personal property of the said town
subject to taxation, in addition to the amount authorized under an act
of the general assembly of Virginia, approved February third, eigh-
teen hundred and ninety-four, entitled an act to incorporate the town
of Coeburn, Wise county, Virginia, a special tax not to exceed one
dollar upon each one hundred dollars of valuation of such real estate
and tangible personal property for the purpose of paying interest on
the bonds issued under this act and to create a sinking fund for the
redemption of said bonds at maturity, and it shall be lawful for the
said town at all times to use the sinking funds for the payment and
retirement of such bonds as the holder thereof may be willing to
deliver for cancellation prior to the time of their maturity.

‘4. In event that the income so derived, and the proceeds of any
assessment if when made in accordance with the provisions of sec-
tion three thousand and sixty-seven and the four following sections
of the Code of Virginia are insufficient to pay the interest on said
bonds and create a sinking fund for the retirement thereof at matur-
ity, or as set forth in section two of this act, then and in that event
the said council of the town, shall at each annual levy lay aside after
the issue of said bonds or any of them, for thirty years that the
bonds have to run a sufficient amount to cover the interest on said
bonds and such further sum as may be determined each year, to be
placed to the credit of said sinking fund, and at the maturity of said
bonds the town council shall make lawful provisions for their pay-
ment.

5. No corporation tax shall be levied or assessed on said bonds
by the town of Coeburn. ]

6. The said council is hereby authorized to enter into contracts
such as may be necessary for the acquisition of rights of way, and
the operation, equipment, establishment, installation, construction and
maintenance, of said water and sewerage systems, or either, and all
things connected therewith, and to employ all engineers and other
assistants which may be necessary. The members of the said council
are prohibited from being or becoming interested either directly or
indirectly in any contracts which may be made with any of the funds
derived from the sale of bonds issued hereunder. The said town,
by its mayor and council, is hereby empowered to contract and agree
with the owners of freeholds through whose lands the said water and
sewerage system or any part thereof is located, constructed or passes,
for the purchase thereof, and upon failure to so contract or agree with
such owner of such freehold, to proceed to condemn the same as pro-
vided by the statutes of this State.

The foregoing provisions of this act shall not be operative
until the question at issue shall be submitted to the qualified voters
of the town, at a special election called for that purpose, or at the
regular election to be held in the town on the second Tuesday in
Jurie, nineteen hundred and twenty, and it shall appear from the return
of the votes cast at said election, as hereinafter provided for, that a
majority of the said votes cast were in favor of the issue of the
bonds provided for in this act.

8. The said election shall be called by written order over the
signature of the mayor of the said town, true copies of which shall
be posted, at not less than five conspicuous places in said town not
less than twenty days before the day named in said call, by the ser-
geant of the said town as a means of advertisement of the said
time and place of said election, and the return of the said sergeant
on the back of the original order as to the posting of the same shall
be conclusive evidence of such posting and said original shall be filed
with the recorder of said town.

9. The election shall be by ballot and shall be conducted by five
qualified voters of the said town, to be designated and appointed by
the mayor of said town, three of whom shall act as judges and two
as clerks, and shall be sworn by the mayor to perform their several
duties fairly and impartially, before entering upon their respective
duties as such judges and clerks of said election.

10. The judges and clerks of said election shall make a correct
count of the ballots and returns of said election, sealing the ballots
after counting them and returning them to the recorder of the town
to be filed away by him with the records of the town, to whom said
judges and clerks shall also certify the result of the said election
over their signatures, and such certificate shall be absolute and con-
clusive evidence of the verity of such return after five days from the
date of said election and return.

11. For the reason that an emergency exists in this town, this act
shall be in force from its passage.