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.

J. Be it enacted by the general assembly of Virginia, That an act
entitled “an act to authorize the mayor and town council of West
Point to borrow money for public improvements,” approved February
seven, eighteen hundred and ninety-four, be amended and re-enacted
so as to read as follows:

That the mayor 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
protection, and for such other purposes as the mayor and council of
said town may think proper for the improvement of said town, a sum
of 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
such rate of interest, not exceeding six per centum per annum, as may
be determined upon by the mayor and council of said town. They may
be registered or coupon and interchangeable, and if the mayor and coun-
cil of said town so determine, may be exempt from taxation by said
town, and the interest thereon shall be paid semi-annually on the first
day of January and the first day 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 mayor 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 may be prescribed by the said
mayor and town council: provided, that said bonds shall not be sold or
negotiated for less than their par value: and provided, further, that
this act shall not be operative until the question has been submitted to
a vote of the people of said town, and it shall appear by the report of
the board of commissioners that three-fifths of the qualified voters of
said town voting upon the question are in favor of subscription, and
that said three-fifths include a majority of the registered voters of said
town. The town council of said town is hereby authorized to order such
election at such a time as it seems proper, after giving thirty days’
notice by posting notices of the same at three or more places in said
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 said
bonds and the principal thereof, the said mayor and town council are
hereby authorized and empowered: to levy and collect a tax, not exceed-
ing in amount thirty cents on a hundred dollars’ worth of property, to
be known as the public improvement tax, and to be applied exclusively
to the purposes of this act.

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