Chap. 108.—An ACT to amend and re-enact sections 22 and 23 of an act entitled
“an act to provide a new charter for the town of Farmville,” approved Feb-
ruary 10, 1890, as amended by chapter 162 of the Acts of the Assembly of
1912, approved March 16, 1912, said sections relating to the issuance of bonds;
to provide for the issuance of serial bonds; to prescribe the procedure for
issuing refunding bonds; and to validate all bonds now outstanding. [H B 189]

Approved March 5, 1936

1. Be it enacted by the General Assembly of Virginia, That sections
twenty-two and twenty-three of an act entitled “an act to provide a
new charter for the town of Farmville, approved February tenth.
eighteen hundred and ninety, as amended by chapter one hundred and
sixty-two of the Acts of Assembly of nineteen hundred and twelve,
approved March sixteenth, nineteen hundred and twelve, be amended
and re-enacted so as to read as follows:

Section 22. The council of said town may negotiate any loan or
loans for the purpose of improving the streets, lighting the same, buying
the necessary real estate, erecting public buildings and supplying the
town with water, and for any other purposes deemed for the general
welfare of the town not prohibited by the general laws of Virginia gov-
erning cities and towns, and shall have authority to issue registered or
coupon bonds of said town to evidence said loan or loans, payable at
not more than thirty-five years after their date; or bonds payable
serially in annual installments beginning not more than three years
from the date thereof and ending not more than thirty-five years
from the date thereof, the annual installments of principal thereof to
be in such amounts as will make the aggregate annual pavments of
principal and interest substantially equal throughout the life of said
bonds, bearing interest at a rate not greater than six per centum per
annum, payable semi-annually; provided that the council of the town
shall annually invest in bonds of the United States, the State of Vir-
ginia, or any city or town, to be used as a sinking fund, such propor-
tion of the revenue of said town as shall be necessary to pay said
bonds at or before maturity, which sinking fund shall be used exclu-
sively for the payment of the said bonds; and provided further that
two-thirds of the members of the council of said town shall authorize
said loan or loans and the issuance of said bonds by ordinance and
that the same shall be sanctioned by a vote of three-fifths of all of the
qualified electors of said town voting at an election duly held in the
manner prescribed in the Code of Virginia governing general elections,
after notice thereof has been published for two weeks in some news-
paper published in said town.

Section 23. The council of said town, in addition to the powers
conferred by section twenty-two, is further authorized and empowered
to issue the registered or coupon bonds of said town, payable not more
than thirty-five years after their date, with the power to redeem the
same at or on any interest date after the expiration of five years, or
bonds payable serially in annual installments beginning not more than
three years from the date thereof and ending not more than thirty-five
years from the date thereof, the annual installments of principal there-
of to be in such amounts as will make the aggregate annual payments
of principal and interest substantially equal throughout the life of said
bonds, bearing interest at a rate not greater than six per centum per
annum, payable semi-annually, said bonds to be issued exclusively for
the purpose of paying off and discharging the principal and interest,
or either, of any bonded indebtedness of said town now existing or
hereafter incurred pursuant to the charter of the said town or the
general laws of Virginia; provided that two-thirds of the members of
the said council shall authorize the issuance of said bonds by ordi-
nance, which may be introduced at any regular or special meeting of
said council and finally passed at any regular or special meeting not
less than three days after the meeting at which it was introduced; and
provided further that no vote of the qualified electors of said town
shall be necessary to authorize the issuance of said bonds, any provi-
sion of the Code of Virginia or of the general or special law to the
contrary notwithstanding. Said registered, serial, or coupon bonds
shall be regularly numbered, signed by the mayor and treasurer of
said town, and recorded in a book kept for that purpose. Any and all
notes, bonds, or other evidences of indebtedness of the town of Farm-
ville, now outstanding, including any and all refunding bonds, are hereby
ratified, validated and confirmed and shall constitute valid and legally
binding obligations of said town of Farmville.

2. An emergency existing, this act shall be in force from its passage.