Chap. 245.—An ACT to amend and re-enact an act entitled “an act to authorize
the mayor and town council of West. Point to borrow money for public improve-
ments, approved February 7, 189+.

Approved May 15, 1903.

1. Be it enacted by the general assembly of Virginia, That an act
entitied “an act to authorize the mayer and town council of West
Point to borrow money for public improvements,” approved February
sven. eivlteen hundred and nincty-four, be amended and. re-enacted
sas to read as folluws:

That the mavor and town council of the town of West Point be, and
are hereby, authorized and empowered to borrow for said corporation
and for the purpose of procuring for said town a water supply for fire
Tretection, and for such other purposes as the mavor and council of
aid town may think proper for the Improvement of said town, a sum
af money not exceeding twenty thousand dollars, by the issue and sale
of bonds of the said corporation, as hereinafter provided.

2. The said bonds authorized by this act shall be of such denomina-
tion, run for such length of time, bear such date or dates, and be at
sich rate of interest, not excecding six per centum per annum, as may

determined upon by the mavor and council of said town. They may
le registered or coupon and interchangeable, and if the mavor and coun-
cil of said town so determine, may be exempt from taxation by said
mown, and the interest thereon shall be paid semi-annually on the first
CAV af January and the first dav of July, by the treasurer of said town.
The principal of said bonds shall be payable when due, or upon the
call of the said corporation at any time. Said bonds shall be signed
by the mavor of the said town and shall have affixed thereto the seal
of the said town and attested by the clerk of the town council, and shall
be sold and negotiated in such manner as mav be prescribed hy the said
mavor and town council: provided, that said bonds shall not he sold or
negotiated for less than their par value: and provided, further, tha
this act shall not be operative until the question has been submitted te
a vote of the people of said town, and it shall appear by the report o
the board of commissioners that three-fifths of the qualified voters o
said town voting upon the question are in favor of subscription, anc
that said three-fifths include a majority of the registered voters of saic
town. The town council of said town is hereby authorized to order suc]
election at such a time as it seems proper, after giving thirty davs
notice by posting notices of the same at three or more places In sAaic
town; said election to be conducted in the same manner as other elec
tions in said town.

3. In order to provide for the payment of the accruing interest on saic
bonds and the principal thereof, the said mayor and town council ar
hereby authorized and empowered to levy and collect a tax, not exceed
ing in amount thirty cents on a hundred dollars’ worth of property. tc
be known as the public improvement tax, and to be applied exclusivels
to the purposes of this act.

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