Chap. 129.—An ACT to enable the council of the town of Marion to borrow
money and issue bonds therefor.

Approved February 14, 1901.

1. Be it enacted by the general assembly of Virginia, That the coun-
il of the town of Marion be, and it is, hereby authorized and empowered
9 borrow, upon the faith and credit of said town, a sum not exceeding
on thousand dollars ($10,000), and to issue new bonds for the same
caring interest not exceeding five per centum per annum, payable
rani- annually, in licu of the “outstanding bonds of said town, known

“water bonds,” being issued to install and improve a system of water-
orks in said town; said new bonds to be issued in such series and of
uch denominations, and payable at such times and in such manner as
uid council may see fit, and upon such conditions as may be agreed
pon by said counci) and parties with whom it negotiates, or as said
ouncil may see proper to impose. The said council of the town of
Jarion shall embrace in its annual levy a sum sullicient to pay the annual
nterest on said bonds, and shall also provide by levy, from year to
ear, a sinking fund of not exceeding two and one-half per centum
n every one hundred dollars of taxable property within the said town,
hich funds shall be held or invested and applied to the prince lyr of said
nals when due or payable.

. This act shall be in foree from its passage.