Chap. 585.—An ACT to authorize the town of Buchanan to issue bonds.

Approved February 28, 1898.

1. Beit enacted by the general assembly of Virginia, That the town
council of the town of Buchanan be, and it hereby i is, "authorized and
empowered to issue bonds of the said town, which may be either cou-
pon or registered, in denominations of one ‘hundred dollars, or multi-
ples thereof, to bear a rate of interest not exceeding six per centum per
annum, payable semi-annually, to be payable not exceeding thirty years
after date, and redeemable after such time as the said council may pre-
scribe; to be in such form as may be prescribed by the said council, and
not to exceed in their aggrezate amount the aggregate sum of the exist-
ing outstanding bonds of the said town heretofore issued. Said bonds
shall be signed by the mayor of said town, and shall have affixed
thereto the seal of the said town, attested by the town recorder. The
said bonds shall be issued and used under the orders of the said town
council exclusively for the purpose of retiring the outstanding bonds of
the said town.

2. The council of the said town of Buchanan shall annually include
in the levy on the property in said town subject to taxation, as a part of
the annual town levy, a tax not to exceed twenty cents on the one hun-
dred dollars’ worth of property, sufficient to pay the interest on the
bonds issued under this act and to create a sinking fund.

3. This act shall not be operative until the question of the issue of
the said bonds has been submitted to the voters of the said town, and
it shall appear by the report of the board of commissioners canvassing
the votes cast at the election to be held that a majority of the votes cast
at. said election are in favor of said issue.

The town council of said town is hereby authorized to order such
election at such time as it deems proper after giving thirty days’ notice
by posting written or printed notices at three or more public places in
suid town, said election to be conducted in the same manner as other
elections in said town.

4, This act shall be in force from its passage.