Chap. 181.—An ACT to amend and re-enact section 77 of an act entitled an act
to amend and re-enact the charter of the town of Martinsville, in the county
of Henry, approved March 3, 1892, as herctofore amended, and to validate
imterest bearing obligations of said town heretofore issued. {[H B

Approved March 15, 1922.

1. Be it enacted by the general assembly of Virginia, That sec-
10m seventy-seven of an act entitled an act to amend and re-enact
he charter of the town of Martinsville in the county of Henry,
approved March third, eighteen hundred and ninety-two, as heretofore
amended, be amended and re-enacted so as to read as follows:

Sec. 77. The town council may, in the name and for the benefit
>f the town, contract loans, or cause to be issued certificates of debts,
pr bonds, for water, lights, or any other improvement in said town;
provided, no such certificates of debts or bonds shall be issued by the
council without first being authorized by three-fourths of the freehold
voters of said town, and a majority of the registered voters, and
approved by two-thirds of the whole council; said certificates of debt
or bonds shall run for a period of thirty-four years, and shall bear
no rate of interest in excess of six per centum per annum; provided,
further, that said town may contract for loans, not in excess of
fifty thousand dollars and not to run for more than five years, and to
issue therefor its promissory notes, bonds, certificates of debt, or
other negotiable obligations, bearing interest, not in excess of six
per centum per annum, without first submitting the question of issuing
said obligations to the voters of the town as hereinbefore provided
as to long term bonds; and provided further, that at no time shall
there be outstanding at any one time such short term obligations in
excess of fifty thousand dollars. Any and all interest bearing obli-
gations of said town heretofore issued conforming to the provisions
of this act are hereby expressly validated. In no case shall the indebt-
edness of said town, including such short term obligations, exceed
twenty per centum of the assessed value of real and personal property
therein.

2. An emergency existing, this act shall be in force from its
passage.