Chap. 276.—An ACT to Authorize the Corporate Authorities of ths Town
of Liberty to borrow Money.

Approved March 29, 1873.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the mayor and common council of the
town of Liberty, in the name and for the use of the corpora-
tion of Liberty, to borrow money to an amount not exceeding
five thousand dollars, at a rate of interest not exceeding ten per
centum per annum; and for that purpose, the said mayor and
common council are hereby authorized and empowered to issue
bonds in the name of the town of Liberty, to be known as
corporation bonds, for a sum not exceeding said amount, and to
sell the same under such conditions as are hereinafter pre-
scribed, and with the proceeds of such sale, purchase land in
the corpvrate limits of said town, and erect thereon buildings
and other improvements, to be used as a school-house of said
town; and for that purpose, said mayor and common council
shall have authority and power to order an election, after not
less than two weeks, public notice, for the purpose of taking
the sense of the qualified voters of said town of Liberty upon
the question, shall the mayor and common council issue the
bonds of said corporation as provided by this act; and every
ballot cast at such election, which shall have written or printed
upon it “for issue of corporation bonds” shall be taken and
counted as in favor of such issue; and every ballot which shall
have written or printed upon it “against issue of corporation
bonds”’ shall be taken and counted as against such issue; and
it shall be the duty of the several officers charged with the con-
duct of elections, to open polls, receive and canvass the ballots
and make returns and abstracts of the result: provided, that
it shall require a three-fifths vote of all the qualified persons
voting; which three-fifths shall embrace a majority of the free-
holders voting, and a majority of the registered voters of the
town, to authorize the issue of said bonds. -

2. That the bonds issued in pursuance of this act shall be
coupon bonds of not more than one hundred dollars each,
payable within not less than ten nor more than twenty years
from the date thereof, and shall bear interest, payable annually
at a rate not exceeding ten per centum per annum, and shall
be signed by the mayor of said town, and be attested by the
recorder of the said town, and shall have the seal of said cor-
poration affixed thereto.

3. The said bonds shall be sold at not less than the par value
thereof, and the coupons for interest due thereon shall be re-
ceivable for all taxes and other debts due to said corporation
of Liberty.

4. It shall be the duty of the mayor and common council
from time to time, as the interest or any part of the principal
of said bonds shall become due, to levy on all the lands and
other subjects liable to state tax and county or corporation
levy, including licenses in the corporate limits of the town of
Liberty, such tax to pay said interest annually and the princi-
pal as it becomes due as the mayor and common council may
deem necessary and proper, and from year to year it shall report.
such assessment or levies until the interest and principal of
said bonds are fully paid, and the faith and property of said
town is pledged for the punctual payment of the principal and
interest of said bonds as the same shall become due.

5. This act shall be in force from its passage.