Chap. 294.—An ACT to authorize the Town Council of the Town of Orange, to
issue bonds in the sum of $50,000, to be used in refunding certain water bonds
and water improvement bonds heretofore issued, and providing for the assess-
ment and collection of certain taxes for the payment of the interest thereon
and the principal thereof at maturity. [H B 368]

Approved March 26, 1936

Whereas, the Town of Orange has outstanding at the present time
certain valid bonds which are now redeemable, in the approximate
sum of fifty thousand, eight hundred dollars, heretofore issued for
the purpose of providing a revenue producing water system for said
town, which bonds are more particularly described as follows:

(1) Six thousand dollars of said bonds are the residue of an
issue of ten thousand dollar water bonds, dated September first,
nineteen hundred and ten, which said six thousand dollar water bonds
are numbered, are of the denomination, and mature as follows:

Numbers Denomination Maturity
59 $500.00 September 1, 1940
60 500.00 September 1, 1940
61 500.00 September 1, 1940
62 500.00 September 1, 1940
63 500.00 September 1, 1940
64 500.00 September 1, 1940
65 500.00 September 1, 1940
66 500.00 September 1, 1940
67 500,00 September 1, 1940
68 500.00 September 1, 1940
69 500.00 September 1, 1940
70 500.00 September 1, 1940

and are redeemable fifteen years from the date thereof, and issued in
accordance with section one hundred and twenty-seven, clause B otf
the Constitution of Virginia, and the Acts of the General Assembly in
pursuance thereof, and of an order of the Circuit Court of Orange
county, Virginia, made on the ninth day of June, nineteen hundred
and ten, in pursuance of an ordinance duly passed by the board of
trustees of said town of Orange, and ratified and approved by the
qualified voters of said town at an election held on the thirty-first
day of May, nineteen hundred and ten. Said bonds bear interest at
the rate of five per centum per annum, payable annually on the first
day of September of each year.
(2) Forty-four thousand eight hundred dollars of said bonds are
the residue of an issue of seventy thousand dollar water improvement
bonds, dated May first, nineteen hundred and twenty, which said
forty-four thousand eight hundred dollar water improvement bonds are
numbered, of the denomination, and mature as follows:

Numbers Denomination Maturity
3 $ 100.00 May 1, 1950
4 100.00 May 1, 1950
6 100.00 May 1, 1950
1 500.00 May 1, 1950
Zz 500.00 May 1, 1950
3 500.00 May 1, 1950
4 500.00 May 1, 1950
5 500.00 May 1, 1950
6 500.00 May 1, 1950
7 500.00 May 1, 1950
8 500.00 May 1, 1950
9 500.00 May 1, 1950
10 500.00 May 1, 1950
12 500,00 May 1, 1950
13 500.00 May 1, 1950
16 500.00 May 1, 1950
17 500.00 May 1, 1950
18 500.00 May 1, 1950
2 1,000.00 May 1, 1950
3 1,000.00 May 1, 1950
4 1,000.00 May 1, 1950
6 1,000.00 May 1, 1950
7 1,000.00 May 1, 1950
8 1,000.00 May 1, 1950
10 ~ 1,000.00 May 1, 1950
11 1,000.00 May 1, 1950
15 1,000.00 May 1, 1950
16 1,000.00 May 1, 1950
17 1,000.00 May 1, 1950
al 1,000.00 May 1, 1950
22 1,000.00 May 1, 1950
23 1,000.00 May 1, 1950
27 1,000.00 May 1, 1950
29 1,000.00 May 1, 1950
30 1,000.00 May 1, 1950
34 1,000.00 May 1, 1950
35 1,000.00 May 1, 1950
36 1,000.00 May 1, 1950
37 1,000.00 May 1, 1950
38 1,000.00 May 1, 1950
41 1,900.00 May 1, 1950
42 1,000.00 May 1, 1950

Numbers Denomination Maturity

43 $1,000.00 May 1, 1950
44 1,000.00 May 1, 1950
49 1,000.00 May 1, 1950
50 1,000.00 May 1, 1950
5} 1,000.00 May 1, 1950
52 1,000.00 May 1, 1950
53 1,000.00 May 1, 1950
54 1,000.00 May 1, 1950
55 1,000.00 May 1, 1950
57 1,000.00 May 1, 1950
58 1,000.00 May 1, 1950
59 1,000.00 May 1, 1950
60 1,000.00 May 1, 1950

and are redeemable on the first day of May, nineteen hundred and
thirty, or any interest period thereafter at the option of said town
of Orange, at par.

Said bonds were issued in accordance with section one hundred
and twenty-seven, clause B of the Constitution of Virginia and the
Acts of the General Assembly in pursuance thereof, and ratified and
approved by the qualified voters of said town at an election held on
the eighteenth day of March, nineteen hundred and twenty. Said
bonds bear interest at the rate of six per centum per annum, payable
semi-annually on the first day of May and November of each year.
Said bond issue was duly validated by an Act of the General Assem-
bly of nineteen hundred and twenty at page six hundred and forty-
five, approved on the twenty-fourth day of March, nineteen hundred
and twenty; and

Whereas, said town of Orange has at the present time funds on
hand sufficient to redeem and pay eight hundred dollars of said water
improvement bonds, dated May first, nineteen hundred and twenty,
and it is desirable that the balance of said water improvement bonds
in the amount of forty-four thousand dollars and said six thousand
dollars of water bonds, dated September first, nineteen hundred and
ten, be redeemed and paid by the issuance of refunding bonds bear-
ing a lower rate of interest, which will materially reduce the fixed
charges on said indebtedness; and

Whereas, as a temporary measure, the said town of Orange,
through its constituted authorities by ordinance duly passed on
November first, nineteen hundred and thirty-five, negotiated a loan from
The Citizens National Bank of Orange, Orange, Virginia, in the sum of
thirteen thousand dollars, evidenced by an open note dated November
first, nineteen hundred and thirty-five, executed by M. F. Perry,
treasurer of the town of Orange, and payable to said bank on May
first, nineteen hundred and thirty-six, bearing interest at the rate of
four per centum per annum from date, said loan being made for the
purpose and the proceeds of said note being used to pay to the hold-
ers of thirteen thousand dollars of said forty-four thousand eight
hundred dollar water improvement bonds hereinabove referred to, the
face value of said thirteen thousand dollar water improvement bonds
on November first, nineteen hundred and thirty-five, which said
thirteen thousand dollar water improvement bonds are numbered, of
the denomination and mature as folows:

Numbers Denomination Maturity
3 $1,000.00 May 1, 1950
4 1,000.00 May 1, 1950
6 1,000.00 May 1, 1950
10 1,000.00 May 1, 1950
15 1,000.00 May 1, 1950
22 1,000.00 May 1, 1950
36 1,000.00 May 1, 1950
37 1,000.00 May 1, 1950
42 1,000.00 May 1, 1950
43 1,000.00 May 1, 1950
52 1,000.00 May 1, 1950
50 1,000.00 May 1, 1950
60 1,000.00 May 1, 1950

and which said thirteen thousand dollar water improvement bonds are
now held by The Citizens National Bank of Orange, Orange, Virginia,
as collateral security for said note, and which said thirteen thousand
dollar note and said thirteen thousand dollar water improvement
bonds will both be paid, cancelled and discharged by the proceeds of
thirteen thousand dollars of the refunding bonds authorized by this
act; now, therefore,

1. Be it enacted by the General Assembly of Virginia, That the said
six thousand dollar water bonds, dated September first, nineteen
hundred and ten, and the said forty-four thousand eight hundred
dollar water improvement bonds, dated May first, nineteen hundred
and twenty, hereinabove described, are hereby ratified, validated and
confirmed, and are hereby declared to be the valid and legally binding
obligations of the town of Orange, Virginia, and the pledging of said
thirteen thousand dollars of water improvement bonds, dated May
first, nineteen hundred and twenty, hereinabove described, being a
part of said forty-four thousand eight hundred dollars water improve-
ment bonds, dated May first, nineteen hundred and twenty, herein-
above described, as collateral security for the thirteen thousand
dollar note of said town of Orange, dated November first, nineteen
hundred and thirty-five, payable May first, nineteen hundred and
thirty-six, hereinafter described, is hereby ratified, validated and con-
firmed, and said thirteen thousand dollar water improvement bonds
are hereby expressly declared to be valid and legally binding out-
standing obligations of the town of Orange.

2. Said town of Orange is hereby authorized and empowered to
issue bonds in the sum of fifty thousand dollars, six thousand dollars
of the proceeds of which bonds shall be used exclusively for the
vefunding of the six thousand dollar water bonds, dated September
first, nineteen hundred and ten, hereinabove described, and forty-four
thousand dollars of the proceeds of which shall be used exclusively
for the refunding of forty-four thousand dollars of water improve-
ment bonds, dated May first, nineteen hundred and twenty, herein-
above described, and simultaneously with the payment of thirteen
thousand dollar of said water improvement bonds of the town of
Orange, dated May first, nineteen hundred and twenty, and now held
by The Citizens National Bank of Orange as collateral security for
the thirteen thousand dollar note of the town of Orange, dated
November first, nineteen hundred and thirty-five and payable May
first, nineteen hundred and thirty-six, hereinabove described, said
thirteen thousand dollar note shall also be surrendered by said The
Citizens National Bank of Orange and both said thirteen thousand
dollar water improvement bonds and said thirteen thousand dollar
note shall be thereupon marked ‘Paid and Cancelled,” it being the
intention of this act that only thirteen thousand dollars of the pro-
ceeds of said refunding bonds shall be used to pay and cancel both
said thirteen thousand dollar water improvement bonds and _ said
thirteen thousand dollar note, Said refunding bonds shall be dated
not more than two months prior to the date of redemption of any of
said outstanding bonds, and the proceeds of said refunding bonds
shall be placed on deposit with a bank or banks to be designated by
resolution of the council of the town of Orange and shall be held in
trust by said bank or banks and amply secured by sufficient collateral
to be approved by resolution of the council of the town of Orange
and shall be used only to pay said outstanding six thousand dollar
water bonds, dated September first, nineteen hundred and ten, and
forty-four thousand dollars of said outstanding water improvement
bonds, dated May first, nineteen hundred and twenty, as presented for
payment. When said six thousand dollar water bonds and said forty-
four thousand dollar water improvement bonds are duly paid with
the proceeds of said refunding bonds, and when said thirteen thou-
sand dollar note dated November first, nineteen hundred and thirty-
five, held by The Citizens National Bank of Orange, is surrendered
by said bank in the manner hereinabove indicated, said bonds and
said note shall be thereupon marked “Paid and Cancelled” and duly
destroyed by cremation by the officers of the town designated for
that purpose by resolution of the council thereof and said officers
shall make an itemized report from time to time of the cremation of
said bonds and said note, which reports shall be spread upon the
minutes of the council of said town. Said refunding bonds shall be
authorized by an ordinance duly adopted by the council of said town
of Orange, and no election of the qualified voters of said town shall
be necessary to authorize said bonds.

3. Said refunding bonds so issued shall have plainly printed on
the face thereof the fact that they have been issued for refunding
valid and legally binding outstanding obligations of said town.

4. Said refunding bonds shall bear interest at the rate of not
exceeding six per centum per annum, payable semi-annually, and shall
be in such denominations and shall mature at such time not more
than thirty years from the date thereof, as the council of said town
shall provide in the ordinance authorizing the issuance thereof. Said
refunding bonds may be sold by the council of said town at public
or private sale or, with the consent of the holders of said outstand-
ing issues to be refunded as hereinabove set forth, may be exchanged
par for par for said outstanding bonds. If sold at public auction
sale the notice of sale may specify the rate of interest said bonds
shall bear or may require bidders to specify the rate of interest said
bonds shall bear, not exceeding six per centum per annum expressed
in multiples of one-quarter of one per centum per annum.

5. There shall be annually assessed, levied and collected, while
any of said refunding bonds are outstanding and unpaid, an ad
valorem tax on all the taxable property of said town, sufficient to pay
the principal and interest thereof as the same respectively become due
and payable provided the revenues of said town from other sources
are not sufficient for this purpose.

6. All acts or parts of acts in conflict with this act are hereby
expressly repealed.

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