Chap. 207.—An ACT to authorize and empower the council of the town of Wise,
formerly Gladeville, in the county of Wise, to borrow not in excess of $125,-
000.00, and to issue bonds of the town therefor, for the purpose of installing and
maintaining water works and sewerage systems, providing adequate fire pro-
tection, and refunding existing indebtedness, or for either or all of said pur-

8; to provide for the submission of the question of the issuance of such
onds to the qualified voters of the said town; and to authorize the council
of said town to levy annually a special tax upon all property in said town sub-
ject to local taxation, sufficient to pay the interest upon such bonds and to
create a sinking fund to redeem the principal thereof at maturity. [S B 390]

Approved March 14, 1924.

1. Beit enacted by the general assembly of Virginia, That the gov-
erning body of the town of Wise, which, under the old charter, was
known as Gladeville, in the county of Wise, is hereby authorized and
empowered to issue the bonds of the said town and to borrow money not
to exceed the aggregate of one hundred and twenty-five thousand dollars
as provided hereinafter, the proceeds of the sale of the said bonds, or so
much thereof, as may be necessary to be expended in the installation
and maintenance of a sewerage system and installation and maintenance
of a water works system and in providing adequate fire protection and
in funding and refunding existing indebtedness or either or all of them
as the council may determine for the said town and to meet the expenses
connected therewith as may be determined by the said council; pro-
vided, however, that the amount of bonds issued for the purpose of
building and maintaining the sewerage system and a system for an ade-
quate fire protection and for funding or refunding the existing indebted-
ness shall not exceed the constitutional limitation of eighteen per centum
of the assessed value of the real estate in the said town subject to taxa-
tion as shown by the last assessment for taxes.
(b) Said bonds may be either coupon or registered in the denomina-
tion of one hundred dollars or any multiple thereof and shall bear in-
terest at the rate not to exceed six per centum per annum, payable semi-
annually, annually or otherwise as the council may direct ; the principal
of said bonds shall be payable at such date or dates or at such time or
times, or serially, or by allotment, or otherwise as the said council may
determine. Said bonds shall be signed by the mayor and the treasurer
of the said town attested by the recorder of said town and shall be ne-
gotiated and sold in such manner as the council shall agree upon; pro-
vided, however, that said bonds shall not be sold for less than their par
value. The proceeds of same shall be kept separate and apart from
the general funds of the said town and shall be paid out on the joint.
warrant of the treasurer and recorder of the said town, which warrant
shall distinctly state that the same is to be paid out of the proceeds of
said bond issue.

(c) 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 a special tax on the real estate and tangible personal
property in said town for the purpose of paying interest on the bond issue
under this act and creating a sinking fund for the redemption of said
bonds at maturity or to create a fund for the redemption of said bonds,
serially, or by allotment, or by such other means or methods that may
be determined by the said town council for the redemption of said bonds,
and it shall be lawful for the said town at all times to use the sinking
fund, if created for that purpcse, which are available for the payment and
redemption of such bonds as te holder thereof may be willing to deliver
for cancellation prior to the time of maturity, or as the holder thereof
may be required to deliver for cancellation by the town council at the
time of or before the selling of said bonds.

(d) In the event that the income so derived and the proceeds of any
assessment if when made in accordance with the provisions of section
three thousand sixty-seven and the four following sections of the Code
of Virginia for nineteen hundred and nineteen are insufficient to pay
the interest on said bonds and create a sinking fund for the retirement
thereof at maturity, or if insufficient to pay the said bonds serially, or by
allotment at such date or dates as may be set forth in sub-section (b)
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 of any of
them for the period of time for which they are to run, not to exceed
thirty-five years from the date thereof, whether to run for a fixed period
and retired at maturity by sinking funds or whether to mature serially
and be retired at such period of time or times as may be determined by
said council to retire said indebtedness, 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 the said sinking funds, if a sinking
fund plan be so adopted or to be used in retiring said bonds serially at
such date or dates as the council of the said town may determine, and if
retired serially the said town council is granted the right to average the
serial payments in a manner as to evenly distribute the burden of amor-
tization of said town.
(e) The council may provide that no corporation tax shall be levied
or assessed on said bonds by the town of Wise.

(f) The said council is hereby authorized to enter into contracts

such as may be necessary for the acquisition of the rights of way, and
the operation, equipment, establishment, installation, construction and
maintenance of said water and sewerage system, or either, and all
things connected therewith and to employ all engineers and other as-
sistants which may be necessary. The said town, by its mayor and
council, is hereby empowered to contract and agree with the owners or
freeholders 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 provided by the statutes
of this State.
_ (g) 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, and it shall appear
from the return of the votes cast at said election, that a majority of the
Th votes cast were in favor of the issue of the bonds provided for in
this act.

(h) The said election shall be called and conducted in accordance
with chapter one hundred and twenty-two of the Code of Virginia of
nineteen hundred and nineteen and a certified copy of the said order of
election and the date thereof shall be posted in not less than five con-
spicuous places in said town not less than twenty days before the date
named in the said order by the sergeant of the said town as 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 same shall be conclusive evidence of such posting.

(i) All ordinances, orders and laws enacted in accordance with chap-
ter one hundred and twenty-two of the Code of Virginia of nineteen
hundred and nineteen by the town council prior to the passage of this
act to expedite the calling of the election are hereby validated.