Chap. 47.—An ACT to authorize the town council of the town of Lawrence-
ville, Brunswick county, Virginia, to issue and sell bonds of the said town
to an amount not in excess of twenty thousand dollars, for the purpose
of raising money to repair, extend, enlarge and improve, the municipal
light, water and sewerage system of said town. [H B 92]

Approved February 10, 1920.

1. Be it enacted by the general assembly of Virginia, That the
town council of Lawrenceville, in the county of Brunswick, be, and it
is, hereby authorized and empowered to issue bonds of the said town
to an amount not in excess of twenty thousand dollars, for the pur-
pose of raising money for the repairing, enlarging, and extending the
municipal light, water and sewerage system of the said town.

The said council is hereby authorized and empowered to fix and
determine the form and denomination of the said bonds, and to
provide, when said bonds and interest thereon shall become payable;
provided, however, that all of said bonds shall be made to mature
in not exceeding twenty-five years from the date of their issue. The
said council may borrow money and issue such bonds for such pur-
poses as it may, from time to time, determine, and bearing interest at a
rate not to exceed six per centum per annum, and reserving the right
to anticipate the payment of the principal amount of any one or more
of said bonds at any annual interest period.
3. The said bonds shall be signed by the mayor of the said town
and attested by the clerk of the council, and shall be sold and nego-
tiated in such manner and upon such terms as the town council shall
prescribe ; provided, however, said bonds shall not be sold at less than
par value. The said town council shall have power to make annual
appropriations out of the revenue of the said corporation to pay the
interest on the said bonds, and to provide a sinking fund for the re-
demption of the said bonds when due.

4. This indebtedness, being for the purpose of an income produc-
ing investment, is not to be taken into consideration in reference to
the taxable values of the said town.

5. . Nothing herein shall authorize the issuing of bonds herein
mentioned until an election shall be held in said town for the purpose
of deciding upon the question of this bond issue, said election to be
held under the terms of the general law prescribing the method
of holding elections in towns for the purpose of deciding upon the
question of bond issues. _

6. The necessity of raising the money for the purpose aforesaid
in said town creates an emergency, and this act shall be in force from
its passage. a