Chap. 571.—An ACT to authorize the council of the town of New Market to
borrow money for certain improvements.

Approved March 65, 1900.

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the council of the town of New Market in the county
of Shenandoah, state of Virginia, to issue bonds of the said town
not to exceed in the aggregate the sum of one thousand dollars
($1,000.00), in order to erect a building suitable for a council meeting
room, mayor’s office, meeting room for fire company, a town hall, and
other purposes that the building may be used for, that may be deter-
mined by the council or fire company.

2. The bonds so issued shall be ten, of the denomination of one hun-
dred dollars each, numbered and registered or payable to bearer, signed
by the mayor and attested by the secretary of the said town, and shall
bear interest at a rate not to exceed six per centum per annum, payable
annually, and shall be redeemable at any time at the option of the said
town.

3. The bonds issued under this act shall not be sold for less than par,
and the council of the town of New Market shall provide for the pay-
ment of the annual interest by a levy made annually for the years the
bonds have to run, unless sooner paid off, a tax sufficient to pay the
annual interest on said bonds. The tax so collected under this act
shall be used only for the purposes aforesaid.

4. The rate of taxation in said town, together with the levy author-
ized by this act for the purpose of paving the interest upon said bonds,
shall not exceed the rate of fifteen cents upon the one hundred dollars
of assessed value of real estate and personal property of said town, and
out of each annual levy there shall be laid aside by the said council a
sufficient amount for the semi-annual interest on said bonds before any
portion thereof is appropriated for any other purpose; and at the
maturity of the said bonds upon the expiration of the said ten years the
council of said town shall make Jawful provisions for their payment.

5. That the council of the said town shall have the right to issue
bonds as aforesaid, with the consent of the people expressed by a
majority vote of the legally qualified voters of the said corporation,
ascertained by a special election to be held in such manner as the said
council shall prescribe after the passage of this act, such special election
to be governed and regulated by the general laws relating to special
elections. The result of said election shall be spread upon the minutes
of the town of New Market, and shall constitute a basis for the issuance
of the said bonds of the said town.

Lhis act shall be in force from its passage, and all acts and parts
of acts in conflict herewith are hereby repealed.