Chap. 401.—An ACT to authorize the town of Front Royal to issue bonds in
a sum not exceeding $25,000.00, and expend the proceeds arising from the
sale thereof, or so much as may be necessary for the enlargement, im-
provement, repair and maintenance of the electric lighting plant and water
system now owned by said town; and to provide by proper tax levy or
appropriation for the payment of interest -on the bonds so issued and to
create a sinking fund to retire said bonds at maturity. {H B 522]

Approved March 24, 1922.

Be it enacted by the general assembly of Virginia, That the coun-
cil of the town of Front Royal be, and it is hereby, authorized to
issue the bonds of said town in a sum not exceeding twenty-five
thousand dollars, in such denominations as the said council may de-
termine, said bonds to be payable thirty years from the date of issue,
with interest from date at a rate not exceeding six per centum per
annum, which interest shall be payable semi-annually at the office
of the treasurer of the said town upon surrender of the proper coupon
evidencing said semi-annual interest. The said bonds, or any por-
tion thereof, shall be redeemable at the option of the said town at
any time after the expiration of ten years from the date of the issu-
ance of said bonds, upon giving to the holder or holders of the bonds
so determined to be redeemed thirty days written notice, which notice
shall be addressed to the last known post office of the holder or
holders of the bonds so elected to be redeemed, or, in the discretion
of the council, after four weeks publication of its election to redeem
(once a week for four successive weeks) in some newspaper published
in Warren county. The proceeds arising from the sale of said bonds
shall be expended solely for the purpose of enlarging, improving, re-
pairing, and maintaining the electric lighting system and water sys-
tem now owned by said town.

The said bonds when issued shall be signed by the mayor of said
town, the corporate seal afhxed and attested by the town recorder;
the coupons attached to said bonds evidencing the semi-annual in-
terest shall be signed by the mayor of said town, but the corporate
seal need not be affixed nor the same attested by the town recorder.

Authority is hereby given the council of the said town to provide
by proper tax levy, not in conflict with general law, for the payment
of the interest on the bonds issued hereunder and for the creation of
a sinking fund to retire said bonds at maturity or any redemption
period. :

In view of the fact that funds are now needed for the purpose of
enlarging, improving, repairing and maintaining the electric lighting
plant and water system belonging to said town, an emergency is de-
clared to exist and this act shall be in force from its passage.