An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Law Body
Chap. 530.—An ACT to provide for an issue of bonds by the mayor and council of
the town of Rocky Mount to raise the funds necessary to pay off the amount of
$20,000, subscribed by the people of the town of Rocky Mount to the Roanoke
and Southern railway company.
Approved February 28, 1898.
Whereas the town of Rocky Mount has heretofore, pursuant to power
granted it by an act of the general assembly, incurred a bonded debt of
twenty thousand dollars, bearing interest at the rate of five per centum,the
same being the amount of its subscription to the Roanoke and Southern
railway company; and
Whereas it is the wish of the said corporation to fund this indebted-
ness, and for that purpose to make a new issue of bonds at the same or
a lower rate of interest, and for an aggregate amount less than that of
the aforesaid issue: therefore,
1. Be it enacted by the general assembly of Virginia, That the mayor
and council of the town of Rocky Mount be, and they are hereby, em-
powered in the name and for the use of the said town to contract loans
and cause to be issued bonds therefor: provided, no such bonds shall be
issued for an aggregate amount exceeding fifteen thousand dollars for the
purpose of paying off the outstanding indebtedness aforesaid, except by
a two-thirds vote of the council, ratified by a majority of the voters of
the town voting on the question. These bonds shall bear the rate of in-
terest and be payable at the time fixed by the council aforesaid.
The council of the town of Rocky Mount shall use the proceeds arising
from the sale of the bonds issued under this act to pay off so far as may
be done the amount of twenty thousand dollars voted on June four-
teenth, eighteen hundred and ninety, by the people of the town of
Rocky Mount as a subscription to the stock of the Roanoke and Southern
railway company for the purpose of constructing the railway known as
the Roanoke southern railway. The said mayor and council aforesaid
shall provide and set apart a sum not less than one per centum of the
amount of the bonds issued, in addition to the annual interest to be paid
thereon, which sum shall be applied and invested toward the payment
of the bonds of the said issue. The said mayor and council shall levy
and collect such an amount of taxes as may be necessary to comply with
the provisions of this act.
2. All acts and parts of acts in conflict with this are hereby to that
extent repealed.
3. This act shall be in force from its passage.