Chap. 182.—An ACT to authorize the mayor and council of the town
of Martinsville to borrow money and issue bonds therefor.

Approved February 20, 1886. |

1. Be it enacted by the general assembly of Virginia, That
the mayor and council of the town of Martinsville be and they
are hereby authorized to borrow, in the name of and for the
benefit of said corporation, and for the purpose of making
permanent improvements in said town, a sum of money not
exceeding the sum of twenty thousand dollars, by the issue
and sale of bonds of said corporation hereinafter provided.

2. Said bonds shall be coupon bonds, and shall be issued in
such denominations, and bear such rate of interest, not exceed-
ing six per centum per annum, as may be determined by said
mayor and council—the coupons of said bonds to be réceivable
for all taxes due said corporation: The principal of said bonds
shal] be payable in thirty-four years from their date, or upon
the call: of said corporation at any time after five years from
their date. Said bonds shall be signed by the mayor of said
town, and countersigned by the clerk of the town council, and
shall be sold and negotiated in such manner and upon such
terms as may be prescribed by the said mayor and council:
provided, that said bonds shall not be sold for less than their
par value.

. 3. In order to provide for the payment of the accruing in-
terest on said bonds, and of the principal thereof, the said
mayor and council are hereby authorized and empowered to
levy and collect a tax for that purpose, not exceeding fifty cents
on the one hundred dollars worth of property, to be applied
exclusively to the purpose of this act.

4. The said mayor, council, and inhabitants, shall have the
power to purchase any lands or privileges upon, or own any
lands or privileges outside or within the corporate limits of
said town, for the purpose of establishing water-works; and
if the said mayor, council, and inhabitants of the town of Mar-
tinsville are unable to agree with the owners as to the price to
be paid for said land, or privileges upon or on the same, upon
application to the county court of Henry county, the said
court shall appoint commissioners to ascertain the value of
said land, or the damages for the privileges desired, and pro-
ceed as in like cases as is provided by law: provided, that said
mayor, council, and inhabitants, 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 thirty days’ notice of the time and place thereof has been
given, by posting the same on the front door of the court-
house in said town, at which said election the voters shall vote
for permanent improvements, or against permanent improve-
ments; and if it appears from the returns of said election that
a majority of the said votes cast, and a majority of the free-
holders voting in said election, are in favor of said permanent
improvements, then said mayor, council, and inhabitants, shall
have the right to exercise all the powers conferred by this act:
and provided, further, that any election held under it must be
held within two years from the passage 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.