Chap. 236.—An ACT to authorize the tewn council of the town of Gordons-
ville, Virginia, in Orange county, to issue and sell bonds to the amount
of and not exceeding $5,600, for the purpose of borrowing money to
repair and extend the water works system of the said town. (S. B. 504.)

Approved March 24, 1914.

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Gordonsville, Virginia, in Orange
county be, and it is hereby authorized and empowered to issue bunds
and borrow a sum of money, not exceeding five thousand dollars,
for the purpose of repairing and extending the water works system
of said town.

2. The said bonds shall be coupon bonds, and shall be issued in
denominations of five hundred dollars each, payable ten years after
date, and bearing interest at a rate not to exceed six percentum per
annum, said interest to be payable annually; and reserving the
tight to anticipate the payment of the principal amount of any one
cr more of said bonds at any annual interest period.
8. The said bonds shall be signed by the president of said
council, with the corporate seal affixed, attested by the clerk thereof,
and shall be sold and negotiated in such manner and upon such
terms as the town council shall prescribe, provided said bonds shall
not be sold at less than par value. The town council shall have »
power to make annual appropriations out of the revenue of the said
corporation to pay the interest on the said bonds, and to provide a
sinking fund for the redemption of said bonds when due.

4. This indebtedness, being for the purpose of an income pro-
ducing investment, is not to be taken into consideration in reference
to the taxable values of the said town.