Chap. 116.—An ACT to authorize the corporation of Farmville to
borrow Jnoney,

* Approved February 27, 1879.

1. Be it enacted by the general assembly of Virginia, That
it siall be lawful for the council of the town of Farmville, in
the name and for the use of the corporation of the town of
Farmville, to borrow money to an amount not exceeding ten
thousand five hundred dollars, at a rate of interest not exceed-
ing eight per centum per annum; and the said council may
provide by ordinance for the making, issuing, and selling of
bonds, registered or with coupons, to an amount not exceeding
ten thousand five hundred dollars, in such sums, and payable
at such time, and bearing such rate of interest not exceeding
eight per centum per annum, payable semi-annually, as said
council may prescribe: provided, that the bonds issued in pur-
suance of this act shall be made payable within not less than
five nor more than twenty years from the dates thereof, and
shall be signed by the mayor of the town of Farmville and
attested by the clerk of said corporation, and have the seal of
the said corporation attached thereto.

2. It shall be the duty of said council to use and apply the
money borrowed or realized by the sale of bonds aforesaid to
the payment of the bonds of said town of Farmyille then re-
maining unpaid, issued under an act approved March fifteenth,
eighteen hundred and seventy-one, entitled an act to authorize
the corporation of Farmville to borrow money for the purpose
of erecting a court-house, clerk’s office, and jail in said town,
which said bonds bear interest at the rate of ten per centum
per annum, and for no other purpose whatsoever.

3. It shall be the duty of the council of said town of Farm-
ville, annually, to lay a levy on ¢ll the bonds and other sub.
jects liable to state tax and county or town levy, in the corpo-
rate limits of said town, to pay the interest to accrue on said
bonds, and payable semi-annually, as hereinbefore provided.

4. It shall be the duty of the council of said town of Farm-
ville in each year, immediately preceding the year in which the
principal of any one or more of said bonds may become due
and payable, to levy on all subjects of taxation mentioned in
the preceding section of this act, whereby a sufficient revenue
shall be derived for the purpose of paying, in addition to the
ordinary expenses of said town and the semi-annual interest
on all bonds issued under this act, the principal of each of said
bonds which may become due and payable during said year.

5. It shall be the duty of said council, in issuing the bonds
of said town authorized by this act, to so fix the time of the
payment of the principal of the same, that not more than one-
tenth of said principal sum of ten thousand five hundred dol-
lars will become due and payable within any one year,

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

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