Chap. 301.—An ACT to authorize the council] of the town of Martinsville, in the
county of Henry, Virginia, to cause to be issued the bonds of the said town to the
amount of $10,000, and borrow money thereon for the purchase of a lot and the
building of a public free school-house thereon.

Approved May 20, 1903..

1. Be it enacted by the general assembly of Virginia, That the coun-
cil of the town of Martinsville, in the county of Henry, Virginia, be,
and they are hereby, authorized and empowered to cause the interest-
bearing coupon bonds of eaid town to the amount of ten thousand dol-
lars, at such rate of interest, not excecding six per centum per annum,
as said council may determine, to be issued and sold and negotiated
for not less than their face value, the proceeds thereof to be used for the
purchase of a lot and the building of a public free school-house thereon
for the school district comprised by said town.

2. Said bonds shall be payable ten vears after the date thereof, and
shall be signed by the mavor of said town and attested by the clerk of
said council, and the coupons shall mature semi-annually so as to meet
the interest fixed by the council.

3. Said bonds shall be known as “Martinsville school bonds,” and may
be issued notwithstanding any limitation prescribed by the charter of
said town, or the general law of the State, upon the bond: issue of said
town. The purchasers of said bonds shall not be required to see to the
application of the proceeds thereof.

4. The said council shall annually set apart one-eighth of the net
proceeds of the municipal liquor dispensary of said town, or so much
of said one-eighth as may be necessary to meet the interest on said bonds,
and to create a sinking fund sufficient to retire the principal of said
bonds at the end of the aforesaid ten years. .

5. The council of said town is hereby authorized and empowered to
do all acts and things necessary to complete and give validity to the
bond issue to the amount aforesaid, for the purpose aforesaid, subject
to the provisions of the other sections of this act.

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