Chap. 45.——An ACT to authorize and empower the council of the town of
Altavista, in the county of Campbell, to borrow money and issue bonds
for the improvement of its water supply system, for streets and sewers and
for school purposes. [S B 101]

Approved February 26, 1926.

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Altavista, in the county of Campbell, be, and
it is hereby authorized to borrow for said town not exceeding fifty
thousand dollars for the improvement of its water supply and sewer
systems, for school purposes, and for the improvement of its streets,
by the issuing of bonds of the corporation for the said aggregate of
not exceeding fifty thousand dollars, with the entire indebtedness of
said town not exceeding the constitutional limitation; provided, that
the thirty-five thousand dollars of the bonds of the town heretofore
issued under the act of the general assembly of Virginia, approved
March twentieth, nineteen hundred and sixteen, for the purchase,
construction and improvement of water and sewer systems, in said
town, and the eighty-seven thousand dollars of bonds for the town
heretofore issued under the act of the general assembly .of Virginia
approved March tenth, nineteen hundred and twenty-two, for the
purpose of enlarging and improving its water supply and for extending
and improving its water mains and sewers, shall be considered as
bonds issued pursuant to clause (b) of section one hundred and
twenty-seven of the Constitution of Virginia, not to be included in
determining the limitation of the power of the town to incur indebted-
ness upon the terms and conditions set out in said clause (b) of section
one hundred and twenty-seven of the Constitution of Virginia; and
provided further, that not exceeding twelve thousand five hundred
dollars of the proceeds of the bonds that may be issued hereunder
may be used in the discretion of the council of the said town in and
about the payment for improvements made and to be made in or upon
public school buildings situated within the limits of said town and not
exceeding twelve thousand five hundred dollars of such proceeds may
likewise be used in and about the payment for improvements or ex-
tensions made or to be made in the water supply and sewer systems
of the said town, and not exceeding twenty-five thousand dollars of
such proceeds may be so used in and about the repair, extension and
other improvement of the street system of the said town, and of the
public roads and bridges leading thereto. So much or so many of the
bonds provided for by this present act as may be used in and about
the water and sewer systems of the said town, not to exceed twelve
thousand five hundred dollars as aforesaid, shall be considered as
bonds issued pursuant to clause (b) of section one hundred and
twenty-seven of the Constitution of Virginia not to be included in
determining the limitation of the power of the town to incur indebted-
ness upon the terms and conditions set out in said clause (b) of sec-
tion one hundred and twenty-seven of the Constitution of Virginia.

2. The said bonds shall be registered or coupon as the said coun-
cil may determine, and shall be issued in denominations of one hun-
dred dollars, or any multiple thereof, as the council may prescribe,
and shall bear interest at a rate not to exceed six per centum per
annum, payable annually or semi-annually, as the said council shall
prescribe. The principal of the said bonds shall be payable thirty
years after date, but in the discretion of the council of said town may
be redeemed at any time after twenty years and before maturity.

3. The said bonds shall be signed by the mayor of said town whose
signature shall be attested by the clerk of said council with the cor-
porate seal attached, and shall be sold and negotiated in such manner
and upon such terms as the council shall prescribe; provided, that
said bonds shall not be sold at less than their par value, when bearing
interest as great as six per centum per annum. The council shall
have power to make annual appropriations out of the revenue of the
corporation to pay the interest on said bonds and to provide a sinking
fund for the redemption of said bonds when due, or when redeemed
before maturity as aforesaid, and if necessary shall levy a special tax
on all property, subject to local taxation within the limits of said town
for said purposes. .

4. Nothing herein shall authorize the issuing of bonds herein men-
tioned 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.

5. This act shall not be construed to repeal, limit or take from
the said town of Altavista the right to issue bonds under the general
laws for the issuance of bonds by towns.

6. As the public welfare of the town of Altavista may require the
early issuance of the bonds provided for hereunder an emergency ex-
ists and this act shall be in force from its passage.