Chap. 11.—An ACT to authorize the town of Martinsville, in| Henry county,
Virginia, to issue bonds for the purpose of retiring, paying off or refunding
certain bonds of said town, dated on May 1, 1894, payable May 1, 1928, for
the purpose of constructing a system of water works for said town, pursuant
to sections 29 and 77 of an act, approved March 3, 1802, entitled an act to
amend and re-enact the charter of the town of Martinsville, in Henry county,

Virginia. [H B 3]
Approved February 16, 1928

Whereas the town of Martinsville was authorized by section
twenty-nine of an act, approved March third, eighteen hundred
and ninety-two, entitled an act to amend and re-enact the charter
of the town of Martinsville, in Henry county, Virginia, to issue
bonds of said town for the purpose of constructing a svstem of
water works for said town, upon the conditions and with the re-
strictions contained in section seventy-seven of said act; and

Whereas the council of said town, after fully complying with
the terms of said section seventy-seven of said act, issued, on May
first, eighteen hundred and ninety-four, @s bonds to the amount of
thirty thousand dollars for the purpose of constructing a system
of water works for said town, upon the conditions and with the
restrictions contained in said act; and

Whereas the principal sum of said bonds, thirty thousand dol-
lars, which are valid and binding obligations on said town, will
become due and pavahle on May: first, nineteen hundred and
twenty-cight, and said town will be unable to pay same out of the
current revenues or other funds of said town; now, therefore

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Martinsville, in Henry county, Virginia, be
and is hereby authorized and empowered, by a two-thirds vote of
the said council, to issue bonds in the name of said town to the
amount of thirty thousand dollars ($30,000.00), without submitting
the question of the issuance of said bonds to the voters of said
town, to be used for the purpose of retiring, paying off or refund-
ing the aforesaid bonds of said town, dated May first, eighteen hun-
dred and ninety-four, and pavable to bearer on May first, nineteen
hundred and twenty-eight, and said bonds shall be payable to bearer,
and run for a period not exceeding thirty-four vears, shall bear
interest, payable semi-annually, at a rate not exceeding six per
centum per annum, with interest coupons attached thereto, receiv-
able for taxes and dues to said town, said bonds and coupons to be
payable at the office of the treasurer of said town or at such bank
as may be designated by the council of said town, and shall con-
tain such description as will identify the debt for which they are
to be issued to retire, pay off or refund. Said bonds shall be in
such form and denominations as the council may determine and
shall be signed by the mayor of said town, with the seal of the
town affixed thereto, attested by the clerk of the council or his
deputy. and shall not be sold for less than par.

2. The council shall have authority to make annual appropria-
tions out of the revenue of the said town to pay the interest on
said bonds and to provide a sinking fund for the redemption of
the principal thereof at maturity, or to levy a special tax on all
property subject to local taxation within the limits of said town for
said purposes.

3. All laws now in force, general or special, in conflict with
this act are hereby repealed so far as they affect the legality of the
bonds provided for in this act.

+. As an emergency 1s declared to exist, this act shall be in
force from its passage.