Chap. 239.—An ACT to authorize the town of Gate City to borrow ten thousand
dollars and to issue bonds therefor.

Approved March 12, 1908.

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Gate City in Scott county be, and it is hereby authorized
and empowered, to issue bonds upon the faith and credit of the said
town, to an amount not exceeding ten thousand dollars such bonds to
be of such denominations and to be made payable at such, time or
times, not less than five nor more than forty years after their date, as
the said council shall determine. None of the bonds issued under the
authority of this act shall bear a greater rate of interest than six per
centum per annum, nor shall be sold for less than par, provided that
the amount of bonds issued under this act added to present indebted-
ness shall not exceed the limits of the Constitution.

2. The proceeds of the sale of said bonds shall be applied by the said
council to improving the streets and highways of said town, to building
or improving public school buildings in said town, and to acquiring
real estate or other property therefor, for the purpose of acquiring and
operating a system of waterworks for said town, providing a system of
sewerage therefor, and to provide lights for said town.

3. The treasurer of said town shall keep a separate account of the
money arising from the sale of said bonds, and shall disburse the same
under the direction of the council. The said council shall set aside for
a sinking fund to retire the said bonds at maturity such sums annually
as it may déem necessary, and invest same as it may see fit, and do all
other acts necessary to carry out the provisions of this act.

+. An emergency existing for the speedy use of funds for improving
the said town, this act shall be in force from its passage.