Chap. 90.—An ACT to authorize the council of the town of Tazewell to borrow
money for the purpose of paying for bringing water to said town, and to issue
and sell bonds tor that purpose.

Approved January 22, 1898.

1. Be it enacted by the general assembly of Virginia, That the coun-
cil of the town of Tazewell be, and it is hereby, authorized and empow-
ered to borrow in the name of, and for the said corporation, for the
purpose of paying for bringing water to said town, a sum of money, not
exceeding six thousand dollars, by the issue and sale of the bonds of
said cor poration as hereinafter provided.

2. Said bonds shall be coupon bonds and shall be issued in such de-
nominations, in such form, and bear such rate of interest, not exceed-
ing six per centum per annum, as may be determined by said council,
the coupons of said bonds to be receivable for all taxes due said corpo-
ration. The principal of said bonds shall be payable in five years from
their date, or upon call of said corporation at any time after the expi-
ration of one year from their date. Said bonds shall be signed by the
mayor and countersigned by the recorder of said town, and shall be
sold and negotiated in such manner as may be prescribed by said coun-
cil, provided they are not sold at a greater discount than ten per cent.

3. The said council shall set apart each year at least the sum of five
hundred dollars as a sinking fund for the redemption of the principal of
said bonds, and it shall be so stated in the face of said bonds.

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

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repealed.

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