CHAPTER 594

AN ACT to authorize the town of Phoebus to borrow money and
issue bonds for certain purposes; to authorize the levying
of taxes for certain purposes; to validate certain indebted-
ness of the town; and to repeal certain acts.

[ H 723 }

Approved April 11, 1950

Be it enacted by the General Assembly of Virginia:

1. § 1. For the purpose of funding any part or all of the
indebtedness hereinafter validated the Town of Phoebus, Vir-
ginia, is hereby authorized to borrow a sum not to exceed forty
thousand dollars ($40,000) and to issue bonds of the Town to
evidence such indebtedness, the said bonds to be issued in such
form and detail and to bear interest at such rate not exceeding
six per centum per annum and to be payable at such time
or times, not to exceed thirty years from the date thereof as
the Town Council may by resolution authorizing the issuance of
said bonds provide and direct, and said bonds may be issued
without any election to authorize the issuance thereof.

§ 2. The Town of Phoebus is hereby authorized to sell
said bonds at public or private sale, or may purchase any part
of 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 sold or purchased they shall constitute legally binding
outstanding obligations of the Town of Phoebus. The Town or
officers thereof having control of the sinking fund, when they
may deem it advisable may dispose of all such bonds at one time,
or parts of said bonds from time to time, upon the open market
at the best price obtainable.

§ 3. After the issuance of said bonds, as hereinabove pro-
vided, the Council of the Town of Phoebus shall, notwithstand-
ing the provisions of any other statute, annually levy a special
tax upon all of the property subject to taxation in and by the
said Town sufficient to pay the principal of and interest on said
bonds as the same respectively become due.

§ 4. This Act shall be complete authority for the issuance
of the bonds authorized herein.
2. That indebtedness of the Town of Phoebus incurred for
payment of the town’s share of a paving project with the State,
loans to the school board for renovation and repairs, and pur-
chase of a garbage packer or loader, is hereby validated, rati-
fied and confirmed, and such indebtedness is hereby declared to
be a valid and legally binding obligation of the Town of Phoebus.
3. All acts and parts of acts in conflict herewith are repealed
to the extent of such conflict.

4. An emergency exists and this act is in force from its
passage.