CHAP. 681.—An ACT to authorize the council of the town of
Shenandoah, in the county of Page, to borrow money.

Approved March 8, 1892.

1. Be it enacted by the general assembly of Virginia,
That the council of the town of Shenandoah be, and it is
hereby, empowered in the name of and for the use of the
town, to contract loans or cause to be issued certificates of
debt or bonds: provided no such certificates of debt or
bonds shall be issued for an amount exceeding five thou-
sand dollars for any one purpose, except by a two-thirds
vote of the council, ratified by a majority of the freehold
voters of the town voting on the question; but such loans,
certificates, or bonds shall not be irredeemable for a period
greater than thirty-four years: provided further, that said
council shall not contract such loans or issue such certifi-
cates of debt or bonds for the purpose of subscribing to
the stock of any company incorporated for a work of in-
ternal improvement or other purpose, without being first
authorized so to do by a majority of the freehold voters of
the town voting on the question: provided further, that
in no case shall the aggregate debt of the town at any one
time exceed ten per centum of the assessed value of the
property, real and personal, within the town dimits; and
provided further, that the said council shall not endorse
the bonds of any company whatsoever without the same
authority. AJl contracts for the erection of public im-
provements within the jurisdiction of the town council
shall be let to the lowest bidder, reserving the right to re-
ject any and all bids, and notice shall be given, at least
thirty days before the work is finally let, by advertisement
in one or more of the newspapers published in the town,
and the party to whom said contract shall be let shall
give such bond as the council may require; but in no
event shall any contract be let to any member of the town
council, nor shall any member have any interest in such
contract.

2. Whenever there shall be contracted by the council
any debt not payable within one year thereafter, there
shall be set apart annually for thirty-four years, or until
the debt is paid, a sum not less than one per centum of
the amount of any debt, in addition to the annual interest
to be paid thereon, which sum shall be applied and in-
vested towards the payment of such debt.

3. The said council shall levy and collect such an
amount of taxes as may be necessary to comply with the
provisions of this act.

4, All acts and parts of acts in conflict with this act are
hereby repealed.

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