Chap. 301.—An ACT to authorize the town of Clintwood to issue bonds to
grade and improve the streets of said town.

Approved February 16, 1901.

“1. Be it enacted by the general assembly of Virginia, That the town
council of the town of Clintwood be, and is, hereby authorized and em-
powered to issue and sell, at not less than par, bonds to an amount not
exceeding one thousand dollars, to be.payable not exceeding ten years
after date, to bear interest not exceeding the rate of six per centum per
annum. The said bonds may be issued in denominations of twenty-tive
dollars or any multiple thereof, and shall be signed by the mavor as
chairman of said council and countersigned by the clerk of said council.
The proceeds of said bonds shall be used by said town council for the
purpose of grading and improving Main strect of said town. The board
of supervisors of Dickenson county is hereby authorized and empowered,
and it shall, until such time as said bonds are fully paid, annually levy
upon the assessed value of all real and personal property within the
corporate limits of said town, such amount of corporation tax, not ex-
ceeding five mills on the dollar, as the council of said town shall certify
to be necessary to pay the interest upon, and maintain a sinking fund to
pay the principal of said bonds at maturity.
‘The town council of said town shall annually certify to the board of
supervisors of Dickenson county for levy under the provisions hereof, an
amount of corporation tax sullicient to pay the interest upon the bonds
issued hereunder and a sinking fund of at least five per centuim upon the
principal. The amount of said interest and sinking fund ghall be a first
charge upon the fund received from said corporation tax and the town
council shall set aside the amount of said interest and sinking fund
received therefrom, and shal] not use the same for any other purpose
whatever. The said town council shall annually invest the amount re-
ceived for the sinking fund in interest-bearing or dividend-paving se-
curities, which in its judgment are safe and not liable to fluctuation, and
shall manage, control, sell, collect and reinvest said sinking funds as in
its judgment will be for the best interest of the said town. “The commis-
sioner of the revenue for the western district of Dickenson county shall an-
nually extend the levies upon his books of the assessment made in pursu-
ance of this act upon the real and personal property within the corporation
limits of said town designating same as “corporation tax’’ in separate
column.

The county treasurer shall annually collect the taxes levied in pursu-
ance of this act, and shall make his annual settlements, and account to
said town council for same in the manner that he settles accounts for
other taxes for county and district purposes.

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