Chap. 174.—An ACT to authorize the mayor and common council
of the town of Liberty to borrow money to extend its system of
water-works, and to make other permanent improvements.

Approved February 19, 1886.

1. Be it enacted by the general assembly of Virginia, That
the mayor and common council of the town of Liberty be and
they are hereby authorized and empowered to borrow for said

fa Y9 )
corporation, and for the purpose of extending the system of
water-works, and making other permanent improvements, a
sum of money in addition to that authorized by an act of the
general assembly, approved November the eighteenth, eighteen

undred and eighty-four, not exceeding ten thousand dollars,
by the issue and sale of the bonds of said corporation, as
hereinafter provided. .

2. Such bonds shall be register or coupon, and shall be issued
in such denominations, and bear such rate of interest, not ex-
ceeding six per centum per annum, as may be determined by
said mayor and common council, said interest to be paid semi-
annually ; and said mayor and common ‘council shall have
power to exempt said bonds from municipal taxation. The
principal of said bonds shall be payable in thirty years from
their date, or upon the call of said corporation at any time after
the expiration of ten years from their date. Said bonds shall
be signed by the mayor of said town, and countersigned by the
recorder, and shall be sold and negotiated in such manner as
may be prescribed by the said mayor and common council.

3. In order to provide'for the payment of the accruing inter-
est on said bonds, and of the principal thereof, the said mayor
and common council are hereby authorized and empowered to
levy and collect a tax, not to exceed in amount ten cents on
the hundred dollars’ worth of property, to be known as the
improvement tax, to be applied exclusively to the purposes of
this act: provided, that said mayor and common council shall
have no authority to issue bonds under this act until they shall
have first taken the sense of the qualified voters of said town,
at an election held after due notice of the time and place thereof
has been given, at which said election the voters shall vote for
the improvement tax, and against the improvement tax; and
if it appear from the returns of said election, that a majority
of the votes cast, and a majority of the freeholders voting, are
in favor of said improvement tax, then the said mayor and
common council shall have the right to exercise all the powers
conferred by this act: provided, that said election must be held
within two years from the passage 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.