CHAPTER 241

An Act to amend and reenact § 18 of Chapter 244, as amended, of the Acts
of Assembly of 1887, approved May 16, 1887, which act provided a
charter for the town of Banister, now the town of Halifax, the section
relating to the authority of the council in contracting loans and 1n-
debtedness.

[H 291]

Approved March 11, 1960

Be it enacted by the General Assembly of Virginia:

1. That § 13 of Chapter 244, as amended, of the Acts of Assembly of
1887, approved May 16, 1887, be amended and reenacted as follows:

§ 18. The council may, in the name of and for the use of the said
town, contract loans and issue bonds therefor, bearing interest at the rate
of six per centum per annum, payable semiannually and redeemable in
thirty-four years or less, * and the said bonds shall be exempt from taxa-
tion by the said town; provided the council shall not contract any loan or
issue bonds therefor unless the same be authorized by a vote of the resident
freeholders of said town and a majority of the vote be in favor thereof; *
and in any election held under this section the order therefor shall state
the object for which the money is to be used.

Provided the council may sell such bonds in such manner, either at
public or private sale, and for such price, as it may determine to be for
the best interests of the town, but no such sale shall be made at a price
so low as to require the payment of interest on the money received there-
for at more than six per centum (6%) per annum, computed with relation
to the absolute maturity or maturities of the bonds in accordance with
standard tables of bond values excluding, however, from such computation,
the amount of any premium to be paid on the redemption of any bonds
prior to maturity.

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