Chap. 136.—An ACT to amend and re-enact sections 48 and 63 of an act en-
titled an act entitled an act to amend and re-enact an act, approved July
9, 1870, and to amend and re-enact an act, approved March 21, 1877, and
to amend and re-enact an act approved February 17, 1890, and to re-enact an
act, approved January 29, 1894, relating to the charter of the town of Har-
risonburg, approved March 3, 1896. ’ {S B 237)

Approved March 4, 1920.

1. Beit enacted by the general assembly of Virginia, That sections
forty-eight and sixty-three of an act entitled an act entitled an act to
amend and re-enact an act, approved July ninth, eighteen hundred and
seventy, and to amend and re-enact an act, approved March twenty-
first, eighteen hundred and seventy-seven, and to amend and re-enact
an act, approved February seventeenth, eighteen hundred and ninety,
and to re-enact an act, approved January twenty-ninth, eighteen hun-
dred and ninety-four, relating to the charter of the town of Harrison-
burg, approved March third, eighteen hundred and ninety-six, be
amended and re-enacted so as to read as follows:

Sec. 48. The finances.—The council may, within the limits in taxa-
tion hereinafter set out, in the name of and for the use of the town,
contract loans, or caused to be issued certificates of debt or bonds,
but such loans, certificates or bonds shall not be irredeemable for a
period greater than thirty years; provided, however, that said council
shall not contract such loans or issue such certificates of debt or bonds
for the purpose of subscribing to the stock of any company incorpo-
rated for internal improvement or other purposes; and provided,
further, that the said council shall not indorse the bonds of any com-
pany whatsoever, nor shall the bonded indebtedness of the town at
any time exceed fifteen per centum of the aggregate assessment of
real and personal property.

Sec. 63. All property, real and personal within said town shall be
subject to taxation by said town except in cases where there are exemp-
tions by the Constitution and general laws of this Commonwealth;
but the rate of taxation for all purposes in said town, together with
the levy authorized by the act approved January twenty-ninth, eighteen
hundred and ninety-four, for the purpose of paying the interest
upon the bonded indebtedness of the town, shall not exceed the rate
of two dollars upon the one hundred dollars of assessed value of real
and tangible personal property of said town, and out of each annual
levy there shall be laid aside by the council a sufficient amount for
the semi-annual interest on the bonds authorized by and issued under
the act of January twenty-fourth, eighteen hundred and ninety-four,
before any portion thereof is appropriated to any other purpose; and
in the event there is created by the town any additional bonded in-
debtedness at any time, as authorized by the provisions of this char-
ter, there shall be first laid aside out of the entire revenue of the
town, except the school tax, after making due provision for the in-
terest on said bonds issued under the act of January twenty-ninth,
eighteen hundred and ninety-four, a sum sufficient to meet the semi-
annual interest on said bonds before any portion of said revenue
except the school tax 1s appropriated to any other purpose; but the
council by a three-fourths vote, may exempt from taxation by the
town any bonds hereafter issued under the provisions of this charter,
subject to the exemption in taxation allowed by the Constitution and
general laws of this State. No species of property, real or personal,
shall be exempt from taxation by said town except that the council,
by a three-fourths vote, may for a period not exceeding five years,
in order to induce the location within the town of new industrial en-
terprises, exempt the improvements made and the capital invested in
the same from all taxes except the school tax, but such exemption
shall not continue for a longer period than said five years.