Chap. 211. An ACT to amend and re-enact Section 117 of an act entitled “An
act to provide a new charter for the town of Blackstone, in the county of
Nottoway, and to repeal all other acts or parts of acts in conflict therewith,”
approved March 27, 1914, said section being in relation to issuing bonds.

[S B 217]
Approved March 21, 1936

1. Be it enacted by the General Assembly of Virginia, That section
one hundred and seventeen of an act entitled ‘an act to provide a new
charter for the town of Blackstone, in the county of Nottoway, and
to repeal all other acts or parts of acts in conflict therewith,” approved
March twenty-seventh, nineteen hundred and fourteen, be amended
and re-enacted so as to read as follows:

Section 117. The town council shall have the power and authority,
notwithstanding sections three thousand and eighty-two and three
thousand and eighty-three of the Code of Virginia, without a reference
to a vote of the qualified voters of said town, to provide by ordinance
44 L0H Vs fhOowsestt Diet OT iad

tor the issue of bonds, within the constitutional limitation as to amount,
for the refunding and redemption of lawfully issued bonds, when they
fall due, become subject to call, or can for any reason be refunded or
redeemed, and for the purpose of paying or funding any other lawful
indebtedness of said town incurred for capital outlays for public
improvements.

Such said bonds shall not exceed the amount of the original bonds
or indebtedness, to be refunded, redeemed, paid, or funded, may be
registered or coupon bonds, may be issued in such denominations or
amounts and made callable or redeemable at such time or times as said
council may determine. Each issue may be issued in different series,
payable at different times, but no bond shall be made payable more
than thirty-five years from its date, shall be sold to the highest bidder,
tor cash, and, shall not bear a higher rate of interest than six per
centum per annum, and the proceeds of such bonds shall be used only
in the payment of the bonds to be refunded and redeemed or the
said indebtedness to be paid or funded. Such bonds shall be payable
in lawful money of the United States of America, and a sinking fund
shall be created and maintained, sufficient to redeem such bonds at
maturity and shall be applied to such redemption and to no other
purpose.

Such new bonds shall recite the date of the bonds or other obliga-
tions to be retired; the authority under which issued; the date of the
act authorizing the same, if by special act; the court by which the
same was authorized and the date of the order granting such authority,
where such authorization was required by statute; the purpose for
which originally issued, and any other facts reasonably necessary to
preserve the identity of the bonds to be retired, or indebtedness to
be paid or funded.

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