Chap. 218.—An ACT to authorize the town of Luray to borrow money.

Approved January 30, 1900.

1. Be it enacted by the general assembly of Virginia, That the town
uncil of the town of Luray, Virginia, be, and it is hereby, authorized
id empowered to borrow for said corporation, for the purpose of con-
ructing and establishing a system of water-works in and for the use of
id town, a sum of money not exceeding thirty-five thousand dollars,
fa issue ‘and sale of the bonds of said corporation as hereinafter pro-
ed.
2. Said bonds may be either coupons or registered, in denominations
of one hundred dollars, or multiples thereof, to bear a rate of interest
not exceeding five per centum per annum, payable semi-annually. The
principal of said bonds shall be pavable in thirty years from their date or
upon the call of said corporation, at any time not exceeding twenty years
from their date. Said bonds shall be signed by the mayor of said town
and shall have affixed thereto the seal of said town, attested by the clerk
of said town council, and shall be negotiated or sold in such manner as
may be prescribed by the said town council: provided, that they shall
not, at any time, be negotiated or sold for less than their face value.

3. The council of said town shall annually include in the levy on the
property in said town, subject to taxation, as a part of the annual town
levy, a tax sufficient to pay the interest on the bonds issued under this
act and to create a sinking fund for the redemption of said bonds.

4. This act shall not be operative until the question of the issue of
said bonds shall have been submitted to the voters of said town, and it
shall appear by the return of the votes cast at such election that a ma-
jority of the votes cast are in favor of the issue of the bonds as provided
in this act.

5. The town council of said town is hereby authorized to order such
election at such time as it deems proper, after giving thirty days’ notice
thereof, by posting printed notices at at least five public places in said
town, said election to be conducted in the same manner as other elections
in said town.

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