Chap. 148.—An ACT authorizing the borrowing of money and issuing of bonds
therefor by the towns in this Commonwealth, etc.

Approved March 10, 1906.

1. Be it enacted by the general assembly of Virginia, That any town
f this Commonwealth for any one or more of the following purposes—
amely : To provide for a water supply, water works, a suitable equipment
vainst fire, or for erecting or improving school buildings, grading, pav-
ig. repaving, curbing, or otherwise improving any one or more of the
reets or alleys, or widening existing ones, in such town, or for locating,
istituting and maintaining sewers and culverts in and along any of such
reetg, avenues or alleys, or any part thereof, should the voters thereof
» elect, in the manner prescribed by an act of the general assembly of
Virginia, approved April twenty-seventh, nineteen hundred and three,
entitled “an act to provide for holding the elections in towns upon ques-
tions of bond issue,” and chapter three hundred and twenty-four of the
acts of the general assembly of Virginia, approved November the twenty-
fifth, nineteen hundred and three, amending and re-enacting section nine
of the act aforesaid, is hereby authorized and empowered to borrow money
in such sum or sums not exceeding in the aggregate eighteen per centum
of the assessed valuation of the real estate in the town subject to tax-
ation, as shown by the last preceding assessment for taxes, upon the
faith credit and property thereof, and to issue bonds therefor, signed
by the mayor and attested by the clerk or recorder: but, provided,
that such bonds shall not be sold at less than their par value. and
hear interest at a rate not exceeding six per centum per annum, and shall
become due and payable within thirty-five years from the date of. issue.
The council of any town proceeding hereunder shall make proper pro-
visions for the payment of the annual interest upon such bonds as may
be issued under this act, and shall provide a sinking fund for the re-
demption thereof at maturity; the coupons thereof shall be receivable for
town taxes.