Chap. 197.—-An ACT to amend and re-enact Section 40, as heretofore amended,
of an act entitled “An act to amend and re-enact the charter of the Town
of Culpeper”, approved’ January 11, 1898. [H B 540]

Approved March 18, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion forty, as heretofore amended, of an act entitled an act to amend
and re-enact the charter of the Town of Culpeper, approved January
eleventh, eighteen hundred and ninety-eight, be amended and re-enacted
so as to read as follows: :

Section 40. The levy so ordered may be upon all the real estate
within the said town which is not exempt from taxation, and on all
other such property and subjects, subject to local taxation, not pro-
hibited by law; provided, that the tax does not exceed one dollar
and fifty cents on every hundred dollars of the value assessed on real
and personal property, including the levies to meet the interest on
the funded debt of said town, and to provide for the final payment of
ghe principal thereof; and provided further, that before any debt shall
be created by the said council for which bonds are to be issued, the
council, if it shall deem it to be to the interest of the corporation to
create such debt, evidenced by a recorded vote of a majority of its
members, or if two hundred of the qualified voters of such town
shall present to the council a petition requesting the same, shall sub-
mit to a vote of the qualified voters of the said town, at such time
as it may prescribe not exceeding sixty days after such recorded
vote, or aiter the said petition shall have been presented as aforesaid,
the question as to whether said sum of money shall be borrowed. Said
election shall be held in the manner provided for such elections by the
general laws of the Commonwealth, and if a majority of the qualified
voters voting at such election shall be in favor of borrowing money,
the said council shall issue and sell the bonds of the said corporation,
and said bonds shall be issued in such denominations and bear such
interest not exceeding six per centum per annum, as may be determined
by the council, said interest to be payable quarterly, semi-annually or
annually, as the council may prescribe. The council may select a
depository for the money arising from the same or negotiations of the
said bonds, and they may require such security therefor as mav be
approved by the recorded votes of at least two-thirds, of all the mem-
bers of the council, but if they shall choose a national bank or banks
as depository or depositories no security shall be required unless speci-
fically ordered. It is provided further, however, that by a recorded
vote of a majority of its members, the council may issue certificates
of indebtedness, revenue bonds, warrants or other obligations in an-
ticipation of the collection of the revenue of said town for the then
current year without an election.

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