Chap. 501.—An ACT to authorize the town of Luray to borrow money and
to repeal an act entitled an act to authorize the town of Luray to borrow
money, approved January 30, 1900.

Approved February 24, 1900.

1. Be it enacted by the general assembly of Virginia, That the town
council of the town of Luray, Virginia, be, and it is hereby, authorized
and empowered to borrow for said corporation, for the purpose of con-
structing and establishing a system of water-works in and for the use
of said town, a sum of money not exceeding thirty-five thousand dollars,
by the issue and sale of bonds of said corporation as hereinafter provided.

2. Said bonds may be either coupons or registered, in denominations
of one hundred dollars, or multiples thereof, to bear a rate of interest
not exceeding five per centum per annum, payable semi-annually. 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 twenty years
from their date. Said bonds shall be signed by the mayor of said town,
and shall have affixed thereto the seal of said town, attested by the
clerk of said town council, and shall be negotiated or sold in such man-
ner as may be prescribed by the said town council: provided, that they
shall not, at any time, be negotiated or sold for less than their face
value.

3. The council of said town 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 sufficient to pay the interest on the bonds issued under this
act and to create a sinking fund for the redemption of said bonds.

4. This act shall not be operative until the question of the issue of
said bonds shall have been submitted to the voters of said town and
it shall appear by the return of the votes cast at such election that a
majority of the votes cast are in favor of the issue of the bonds as pro-
vided in this act.
d. 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
thereof by posting printed notices at at least five public places in said
town, said election to be conducted in the same manner as other elections
in said town.

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