Chap. 597.—An ACT to amend and re-enact section 26 of chapter 577 of the acts
of assembly of Virginia, session 1895-96, approved March 3, 1896, entitled “an
act to amend and re-enact the charter of the town of Waynesboro.”

Approved January 12, 1904.

1. Be it enacted by the general assembly of Virginia, That section
twenty-three of the acts of the assembly of Virginia, session of eighteen
hundred and ninety-five and ninety-six, chapter five hundred and
seventy-seven, approved March third, eighteen hundred and ninety-six,
be amended and re-enacted 60 as to read as follows:

§ 23. The council may, in the name of and for the use of the town, for
town purposes, and for the purpose of erecting and maintaining public
school] building for the use of the citizens of the town, contract loans, or
cause 1o be issued certificates of debt or bonds: provided, no such certifi-
cate of debt or bonds shall be issued except by a majority vote of the
council, endorsed by a two-thirds vote of the frechold voters voting on
the question, at an election which shall be held for the purpose. The
manner of holding such election shall conform to the State law govern-
ing elections at the time such election is held. Any person, male or
female, twenty-one years of age, and owning real estate in the town, shall
have the right to vote in such election: provided, that no freeholder shall
have the right to vote in such election until his or her name shall have
been duly registered in a special registration book at least ten days prior
to such election.

Such special registration book shall be furnished by the council, and
they shall also appoint, at least thirty days previous to the date of such
election, a suitable person as registrar, for the purpose of registering the
qualified freeholders of the town. Ile shall advertise, by posting notices
at not less than ten conspicuous placcs within the town, appointing a day
for such registration, which day so appointed shall be at least twelve days
prior to the date of such special election. Such loans, certificates, or
bonds, made or issued under the foregoing provisions, shall not be irre-
deemable for a period greater than thirty-five years: and provided, fur-
ther, that any or all of any designated series of such loans, certificates,
or bonds may be redecmable at the option of the town council after ten
years from the date of issue. The council shall provide for a sinking
fund such proportion of the revenue of the town as shall be equal in cash
value to one-thirticth of any loan, certificates, or bonds so made or issued.
All bonds issued under the provisions of this section shall be regularly
numbered and signed by the mayor, clerk, and treasurer, and recorded in
a book to be kept for that purpose. Said council shall not contract such
loans or issue such certificates of debt or bonds for the purpose of sub-
scribing to the stock of any company incorporated for a work of internal
improvement or other purposes, without first being authorized so to do
by three-fourths of the frechold voters of the town voting on the ques-
tion: provided, further, that in no case shall the aggregate debt of the
town at any one time exceed eighteen per centum of the assessed valua-
tion of the real estate owned in the town, subject to taxation, as shown
by the last preceding assessment for taxes: and provided, further, that
the said council shall not endorse the bonds of any company whatsoever
without the same authority. This section shall not be so construed as to
prevent the council of said town from issuing certificates of debt for
necessary current expenses or for sums of money provided for by annual
taxation.