Chap. 683.—-An ACT to authorize the mayor and the council of the tow:
of Smithfield to borrow money by issuing bonds for a sum not to exceec
three thousand dollars to pave and repair the streets, end to build a jai
for the town.

Approved March 2, 1900.

1. Be it enacted by the general assembly of Virginia, That th
mayor and council of the town of Smithfield, Virginia, be, and the
are hereby, authorized to issue bonds in the name of the town of Smith-
field for a sum not to exceed three thousand dollars, to sell the said
bonds on the conditions hereinafter prescribed, and with the proceeds
of the same to pave and repair the streets of the said town, and to build
a jail for the use of the said town, and for no other purpose whatever.

2. The said bonds issued in pursuance of this act shall be registered or
coupon bonds of not less than one hundred nor more than five hundred
dollars, payable in not less than five nor in more than thirty years from
their date, bearing interest payable semi-annually at the rate of six per
centum per annum. The said town shall have the option of redeeming
any or all of the said bonds by the payment of the principal and accrued
interest at any time after the expiration of ten years from their date.
The said bonds may be divided into series payable at different dates.
Thev shall be issued in the name of the town of Smithfield, signed bv
the mayor of the said town, attested by its treasurer, and shall have
affixed to them the corporate seal of the said town of Smithfield.

3. The said bonds shall not be sold for less than their par value, and
the coupons, if any, for interest thereon, shall be receivable at and
after maturity for all taxes, debts, dues, and demands due the town.
If not coupon bonds the interest due on the said bonds, if not paid when
due, shall be an offset against any taxes, debts, dues, and demands bv
the town against the person to whom the said interest is due. The
said bonds shall not be taxed by the county of Isle of Wight or by the
town of Smithfield.

4. The council of the town of Smithfield, and their successors in
office, shall, annually, and each year, levy upon such subjects of taxation
as are now or may be hereafter liable by law to town taxation, a sufficient
sum to meet the semi-annual interest on all of the said bonds, and not
less than one-fifth of the principal sum due on each series of bonds,
prior to the maturity of that series, so that they may pay the whole
interest promptly, and the principal sum of each series when it becomes
due; and the money thus raised shall always be held and kept separate
and apart from any and all other corporate funds and be used only for
the purpose of paying the said interest and the said principal as specified,
and for no other purpose whatsoever. After the lapse of ten years the
said town shall have the option of redeeming any of its bonds or series
of bonds by paying the principal and accrued interest as mentioned in
the second section of this act. —

5. That all of the money received from the sale of the said bonds shall
he received by the treasurer of the town, and be accounted for by him.
He shall be liable on his bond for the proper custody and disbursement
of the same, and shall be entitled to receive for his services two and one-
half per centum upon the amount of the proceeds of the sale of the
said bonds.

6. When the said honds, or either of them, are paid, thev shall, in
the presence of the council, be burned up and totally destroved.

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

Voole