Chap. 157.—An ACT validating certain outstanding indebtedness of the town of
Phoebus, Virginia, and authorizing said town to borrow money and issue
bonds for the purpose of funding part of such indebtedness and refunding
part of such indebtedness and to require the council of said town annually to
levy taxes to create a sinking fund to redeem the principal thereof at matur-
ity. [S B 224]

Approved March 12, 1936

1. Be it enacted by the General Assembly of Virgina, as fol-
lows:

Section 1. That forty thousand dollars ($40,000.00) street im-
provement bonds of the town of Phoebus, Virginia, dated September
first, nineteen hundred and six, bearing interest at five per centum
per annum, payable May first, and September first, the principal
amount of which bonds will be due and payable September first,
nineteen hundred and thirty-six; and twenty-three thousand and fifty
dollars ($23,050.00), temporary loan notes of the town of Phoebus,
one of which is in the denomination of thirteen thousand and fifty
dollars ($13,050.00), dated January fifteenth, nineteen hundred and
thirty-six, payable March fifteenth, nineteen hundred and thirty-six,
to the order of the Old Point National Bank of Phoebus, Virginia,
and one of which is in the denomination of ten thousand dollars
($10,000.00), dated January fourteenth, nineteen hundred and thirty-
six, payable March fourteenth, nineteen hundred and thirty-six, to
the Bank of Phoebus; interest on all of said notes at the rate of six
per centum per annum, having been paid in advance; all of said notes
having been signed by the mayor and the recorder of the town of
Phoebus, Virginia, are hereby validated, ratified and confirmed and
it is hereby declared that said bonds and notes constitute valid and
legally binding obligations of the town of Phoebus, Virgina.

Section 2. That for the purpose of refunding a portion of the
aforesaid indebtedness of the town of Phoebus, or any extensions
thereof, the town council of the town of Phoebus, Virginia, be,
Oo _ a

and it is authorized to borrow the sum of thirty thousand dol-
lars ($30,000.00), and to issue bonds of the town of Phoebus, Vir-
ginia, to evidence such indebtedness, the said bonds to be issued in
such form, in such denominations, and to be payable at such time
or times not exceeding thirty (30) years from the date thereof as
the said town council may provide, the said bonds shall bear interest
at the rate of not exceeding five per centum per annum. Before said
bonds are issued, a resolution must be adopted by the town council
by the recorded concurrent vote of at least six (6) members of the
council, elected to said council, approving the resolution directing
the issuance of said bonds.

Section 3. That the town of Phoebus is hereby authorized to
sell said bonds at public or private sale, or may purchase any part
of the said bonds from the sinking fund of the said town, at a price
of not less than par and accrued interest. After said bonds have been
so purchased they shall constitute legally binding outstanding obliga-
tions of the town of Phoebus. The town officers thereof, having
control of the sinking fund when they deem it advisable, may dis-
pose of all such bonds at one time, or parts of said issue of bonds
from time to time, upon the open market, at the best price obtainable.

Section 3-a. Said refunding bonds may be delivered to the pur-
chasers thereof prior to the maturity date of the outstanding indebted-
ness authorized to be refunded hereby.

Section 4. That after the issuance of these bonds, as_herein-
above provided, the council of the town of Phoebus shall annually
levy a special tax upon all of the property subject to taxation in
the said town, sufficient to pay the interest on the said bonds and
to create a sinking fund to redeem the principal thereof at maturity.

Section 4-a, This act shall be complete authority for the issuance
of the refunding bonds authorized herein.

Section 5. All acts or parts of acts in conflict herewith are hereby
repealed.

Section 6. An emergency existing, this act shall be in force from
its passage.