Chap. 149.—An ACT to authorize the town of Martinsville, in Henry county,
Virginia, to issue bonds for the purpose of retiring, paying off or refunding
certain bonds of said town issued on the first day of March, 1891, in payment
of a subscription to the capital stock of the Roanoke and Southern Railway
Company, pursuant to am act of the general assembly of Virginia, approved
May 20, 1887. fH B 307]

Approved March 14, 1924.

Whereas, by an act of the general assembly of Virginia, approved
May twentieth, eighteen hundred and eighty-seven, the town of Mar-
tinsville, in Henry county, Virginia, was authorized by a two-thirds
vote of the council of said town, to subscribe, on the part of and in
the name of said town, an amount not exceeding fifty thousand dollars
($50,000.00) to the capital stock of any railway company that may
thereafter be constructed within the limits of said town, and to issue
the bonds of said town, upon the conditions and with the restrictions
contained in said act, for the payment of said subscription; and,
Whereas, the council of said town, after complying fully with the
terms of said act, subscribed in the name of said town to the capital
stock of the Roanoke and Southern Railway Company the sum of
fifty thousand dollars ($50,000.00), and, after fully complying with the
terms of said act, issued, on March first, eighteen hundred and ninety-
one, its bonds, upon the conditions and with the restrictions contained
in said act, in payment of said subscription; and,

Whereas, there is now outstanding and unpaid of said bonds the
sum of forty-four thousand dollars ($44,000.00) which will become due
and payable on the first day of March, nineteen hundred and twenty-
five, and which said town will be unable to pay out of its current revenue;
now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Martinsville, in Henry county, Virginia, be, and
it 1s hereby authorized and cmpowered, by a two-thirds vote of the
sald council to issue bonds in the name of said town to the amount of
forty-four thousand dollars ($44,000.00), without submitting the ques-
tion of the issuance of said bonds to the voters of said town, to be used
for the purpose alone of retiring, paying off or refunding the aforesaid
bonds of said town, dated March first, eighteen hundred and ninety-
one, and payable to the Roanoke and Southern Railway Company or
bearer, and said bonds shall be payable to bearer, and run for a period
not exceeding thirty-four years, shall bear interest, payable semi-annual-
ly, at a rate not exceeding six per centum per annum, with interest
coupons attached, payable at the office of the treasurer of said town,
and shall contain such description as will identify the debt for which
they are to be issued to retire, pay off or refund. Said bonds shall be
signed by the mayor of said town, with the seal of the town affixed
thereto attested by the clerk of the council.

2. All laws now in force, general or special, in conflict with this
act are hereby repealed so far as they may affect the legality of the
bonds provided for in this act.

As an emergency is declared to exist this act shall be in effect from
its passage.