Chap. 91.—An ACT to amend and re-enact an act approved January 16, 1912,
entitled an act to amend and re-enact section 21 of the charter of the town
of Lexington, approved April 28, 1874, to validate and confirm all bonds
heretofore issued by the town and to authorize the mayor and the council of
the town to issue bonds to the amount of seventy-five thousand dollars for
the purpose of supplying the town with water. [S B 174]

Approved February 25, 1922.

1. Be it enacted by the general assembly of Virginia, That
the act approved January sixteenth, nineteen hundred and twelve,
entitled an act to amend and re-enact section twenty-one (21) of the
charter of the town of Lexington, approved April twenty-eighth,
eighteen hundred and seventy-four, to validate and confirm all bonds
heretofore issued by the town and to authorize the mayor and the
council of the town to issue bonds to the amount of seventy-five
thousand dollars for the purpose of supplying the town with water,
be amended and re-enacted so as to read as follows:

Section 21. The mayor and council of the said town may, in the
name of and for the use of the town, contract loans or cause to be
issued certificates of debt or bonds, either registered or coupon, for
the purpose of opening and improving the streets; for lighting the
same; for buying real estate necessary for cemeteries and other pur-
poses; for erecting public buildings and school houses, and for sup-
plying the town with. water; but such loans, certificates of debt or
bonds shall not be irredeemable for a longer period than thirty-four
years. No such loan shall be contracted, or certificates of debt or
bonds issued, unless authorized by a vote of two-thirds of the town
council taken by yeas and nays, and recorded in'the journal or minute
book of the council; provided that no loan shall be contracted, or
certificates of debt or bonds of the town issued, if the amount thereof
for any one purpose shall exceed the sum of fifteen thousand dollars,
until and unless the same shall be sanctioned by a majority of the
legal voters of the town voting on the question, at an election held in
the said town at such time and place as may be fixed by a resolution
or ordinance passed by the mayor and council of the town by a vote
of two-thirds of the members of the council taken by yeas and nays
and recorded in the journal or minute book of the council. Such
resolution or ordinance of the mayor and council fixing the: time and
place for holding such election, and directing the same to be held,
shall state the purpose for which such bonds are to be issued; the
maximum amount thereof; the maximum rate of interest to be paid
thereon, and the time in which the principal is to be paid. Notice of
the holding of such election shall be given by publication of the
resolution or ordinance directing the same to be held, and fixing the
time and place for holding the same, for two successive weeks prior
to the time fixed for holding such election, in a newspaper. published
and circulated in the said town, or by posting printed copies thereof
at ten or more public places in said town. Such election shall be held
and conducted by the election officers legally appointed for the pur-
pose of holding and conducting regular elections in the said town,
and in the manner provided by law for conducting and making re-
turns of election for mayor and members of the town council; pro-
vided, however, that the bonds or other interest-bearing obligations
of the town, issued for any purpose, shall not exceed at any time eigh-
teen per centum of the assessed valuation of the real estate in the
said town subject to taxation, as shown by the last preceding assess-
ment for taxes; but in determining the limitation of the said town
to incur indebtedness, there shall not be included the classes of indebt-
edness excepted by subsections (a) and (b) of section one hundred
and twenty-seven of the Constitution; and when such debt is con-
tracted or incurred the mayor and council shall provide for the
prompt payment of the interest thereon, and shall also provide a
sinking fund for the redemption of the principal at its maturity.
And be it further enacted, that all bonds heretofore issued by the
said town are hereby validated and confirmed; and the mayor and
council of the said town are hereby authorized, without further sanc-
tion by the qualified voters of the said town than that given at the
election held therein on the thirty-first day of January, nineteen hun-
dred and eleven, which election is hereby declared to be legal and
valid, to issue and sell bonds of the said town, not exceeding seventy-
five thousand dollars in amount, for the purpose of enlarging and.
extending the waterworks of the town so as to provide an adequate
supply of water for the use of the people of the said town; provided
that the principal of the said bonds shall not run for a longer period
than thirty-four years from the datejof their issue, and shall bear in-
terest at a rate not exceeding five per centum per annum; and the
amount thereof actually issued and sold, when added to the existing
indebtedness of the town, shall not exceed the limitation fixed and
prescribed by, section one hundred and twenty-seven of the Con-
stitution.

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