Chap. 235.—An ACT to authorize the council of the town of Tazewell to borrow
' money.

Approved March 15, 1904. -

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Tazewell be, and it is hereby, authorized and empowered
to borrow in the name of and for said corporation for the purpose of im-
proving the streets and sidewalks of said town, a sum of money not ex-
ceeding fifteen thousand dollars, by the issue and sale of the bonds of said
corporation as hereinafter provided.

2. Said bonds shall be coupon bonds, and shall be issued in such de-
nominations, in such form, and bear such rate of interest not exceeding
six per centum per annum, as may be determined by said council. The
coupons of said bonds to be receivable for all taxes due said corporation.
The principal of said bonds shall be payable in fifteen years from their
date or upon the call of said corporation at any time after the expiration
of one year from their date. Said bonds shall be signed by the mayor of
said town and countersigned by the recorder of said council, and shall be
sold and negotiated in such manner as may be prescribed by said council.

3. The said council shall set apart each year at least the sum of five
hundred dollars as a sinking fund for the redemption of the principal of
said bonds, and: it shall be so stated on the face of said: bonds.

4, The said council shall levy and collect such an amount of taxes as
may be necessary to comply with the provisions of this act.

5. The said council shall take no action under this aet until it has com-
plied with an act of the general assembly of Virginia approved April
twenty-seventh, nineteen hundred and three, entitled “an act to provide
for holding elections in towns for the purpose of deciding upon the ques-
tion of bond: issue: and provided, further, that said bonds shall not be
issued unless the same shall. be voted for by three-fifths of the registered
voters of said town and by a majority of the freeholders voting at said
election. a |

6. By reason of the necessity of deciding-this question at once, this is
declared an emergency, and this act shall be in force from its passage.