CHAP. 342..-An ACT to authorize and empower the council of the town
of Altavista, in the county of Campbell, to borrow money and issue
bonds for the purchase, construction, repair and improvement of
streets and of the water and sewerage systems of said town.

(H. B. 492.)
Approved March 20, 1916.

1. Be it enacted by the general assembly of Virginia, That
the council of the town of Altavista, in the county of Campbell,
be, and it is, hereby authorized to borrow money for said town
not exceeding ten thousand dollars for the construction, repair
or improvement of the streets and a further sum not to exceed
thirty thousand dollars for the purchase, construction, or im-
provement of water and sewerage systems in said town by the
issuing of bonds of the corporation for the said aggregate of
not exceeding forty thousand dollars, with the entire indebted-
ness of said town not exceeding the constitutional limitation.

2. The said bonds shall be registered or coupon as the said
council may determine and shall be issued in denominations of
one hundred dollars, or any multiple thereof, as the council may
prescribe, and shall bear interest at a rate not to exceed six per
centum per annum, payable annually or semi-annually, as the
said council shall prescribe. The principal of the said bonds
shall be payable thirty years after date, but in the discretion
of the council of said town may be redeemed at any time after
twenty years and before maturity.

3. The said bonds shall be signed by the mayor of said town
whose signature shall be attested by the clerk of said council
with the corporate seal attached, and shall be sold and negotiated
its Such manner and upon such terms as the council shall pre-
scribe; provided, that said bonds shall not be sold at less than
their par value, when bearing interest as great as six per centum
per annum. The council shall have power to make annual ap-
propriations out of the revenue of the corporation to pay the
interest on said bonds and to provide a sinking fund for the
redemption of said bonds when due, or when redeemed before
maturity as aforesaid, and if necessary shall levy a special tax
on all property subject to local taxation within the limits of said
town for said purposes.

4. Nothing herein shall authorize the issuing of bonds
herein mentioned until an election shall be held in said town
for the purpose of deciding upon the question of this bond issue.
said election to be held under the terms of the general law pre-
scribing the method of holding elections in towns for the pur-
pose of deciding upon the question of bond issues.
1916.1

1916.] ACTS OF ASSEMBLY. 963