Chap. 162.—An ACT to amend and re-enact section 14 of an act of the general
assembly of Virginia entitled: An act to incorporate the town of Crewe, in
the county of Nottoway, approved March 3, 1894.

Approved March 11, 1908.

1. Be it enacted by the general assembly of Virginia, That section
fourteen of an act entitled “an act to incorporate the town of Crewe,
in the county of Nottoway,” be amended and re-enacted so as to read
as follows:

814. The council of said town may negotiate any loan, or loans,
which together with the indebtedness already existing shall not exceed
ten per centum of the assessed value of all the real and personal
property within the corporate limits, for the purpose of improving the
streets, lighting the same, buying the necessary real estate, erecting
public building, supplying the town with water and for other purposes,
and shall have the authority to issue registered or coupon bonds for said
loan, payable at not more than twenty years after date of said bonds,
bearing interest at a rate not greater than six per centum per annum,
payable semi-annually: provided, that two-thirds of the council of said
town shall authorize said loan, or loans, and that the same shall be
sanctioned by a vote of a majority of all the freeholders of said town
voting at said election, to be ascertained by a vote taken and conducted
in the manner authorized for other elections, after having given notice
thereof for four weeks in some newspaper published in said town, or be
posted for the same time at ten or more public places in said town: pro-
vided, further, that the council of the town shall anually set apart
five per centum of any bonded debt contracted by the council until
the debt is paid. The same shall be deposited in some State or national
bank, to be approved by the council, upon certificates bearing interest ;
said fund to be designated a sinking fund and used exclusively in
payment of said debt on or before maturity. Any bonds issued under
the provisions of this section shall be regularly numbered, signed by the
-mayor, clerk, and treasurer and recorded in a book kept for the purpose,
and shall not be sold for less than par.