CHAP. 220.—An ACT to authorize the town of Covington to issue
bonds and borrow money.

Approved February 15, 1892.

1. Be it enacted by the general assembly of Virginia,
That it shall be lawful for the town of Covington, in the
county of Alleghany, state of Virginia, to issue the bonds
of the town, not to exceed in the aggregate the sum of ten
thousand dollars, for the purpose of paving the sidewalks
of said town and putting in necessary sewerage.

2. The bonds so issued shall be thirty-year coupon
bonds of the denomination of one hundred dollars each,
numbered and registered, signed by the mayor and secre-
tary of the council of said town, and shall bear interest at
the rate of not exceeding six per centum per annum, and
shall be redeemable at any time after the expiration of
twenty years, at the option of the town.

3. The bonds issued under this act shall not be sold at
less than par, and the town council of said town shall
provide for the payment of the annual interest and the
principal of said bonds by levying annually for ten years
a tax sufficient to pay the annual interest, and by levying
annually, after ten years, a tax sufficient to pay the an-
nual interest and one-twentieth of the principal of said
bonds. Taxes collected under this act shall be kept sep-
arate from other taxes, and shall be used only for the
purposes aforesaid. But the council may by ordinance
provide for the proper inves{ment of any surplus at any
time on hand until the same can be used in the redemption
of the bonds aforesaid.

4. The said town of Covington, by an appropriate ordi-
nance of the town, shall assess one-half of the cost of such
paving of sidewalks as may be done, and collect the same
by its sergeant or other collecting officer as other taxes
are collected, against the owners of the abutting lot or
lots, and the real estate against which said costs are so
assessed may be sold for the non-payment of said costs, as
real estate may now be sold for delinquent taxes.

5. The bonds authorized to be issued under this act
shall be issued at such time and in such sums as the
council of said town may authorize by vote of two-thirds
of all of its members.

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