Chap. 154.—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 enlargement and other improvement of its water supply system, sewers
and streets. ~ [S B 369]

Approved March 10, 1922.

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
one hundred and twenty-five thousand dollars for the purpose of
enlarging and improving its water supply and for extending and
improving its water mains and sewers by the issuing of bonds of the
corporation for the said aggregate of not exceeding one hundred and
twenty-five thousand dollars, with the entire indebtedness of said town
not exceeding the constitutional limitation, provided that not exceed-
ing twenty-five thousand dollars of the proceeds of the aforesaid
bond issue of one hundred and twenty-five thousand dollars may be
used in the discretion of the council of the said town in and about
the repair, extension and other improvement of the street system
of the said town and of the public roads leading thereto.

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
annim, ‘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 in such
manner and upon such terms as the council shall prescribe; 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 appropriations 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 prescribing the method of
holding elections in towns for the purpose of deciding upon the
question of bond issues.

5. This act shall not be construed to take from the said town
of Altavista the right to issue bonds under the general laws for the
issuance of bonds by towns.