Chap. 15.—An ACI 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 heretofore amended, with particular
reference to the act approved March 4, 1924, amending said section of said
charter. [H B 44}

Approved February 8, 1926. |

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

Section 77: The town council may, in the name and for the bene-
fit of the town, contract loans, or cause to be issued, certificates of
debts, or bonds, for water, lights, or any other public improvements
in said town; provided, no such certificate of debts, or bonds, shall be
issued by the council-without first being authorized by three-fifths of
the qualified freehold voters of said town voting at an election held
for the purpose of authorizing such issue and by three-fifths of all
the qualified voters of said town voting at said election, notice of
which election shall be given at least fifteen days before the date on
which said election is to be held, and by two-thirds of the whole coun-
cil; 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 loans, not
in excess of one hundred 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 or non-negotiable, obligations,
bearing interest not in excess of six per centum per annum, for the
purpose of paying or refunding outstanding warrants, notes and other
short term indebtedness of said town, and for the further purpose of
improving the streets and alleys in said town, or for any other munici-
pal purpose, without being first authorized to do so by the voters of
said town as hereinbefore provided as to long term obligations; and
provided, further, that at no time shall there be outstanding at any
one time such short terin obligations in excess of one hundred thousand
dollars, and at no time shall the indebtedness of said town, including
such short term obligations, exceed twenty per centum of the assessed
value of real estate arid personal property therein. Any and all in-
terest bearing obligations of said town, heretofore issued, conforming
to the provisions of this act are hereby expressly validated.

All general laws of the State of Virginia and all provisions in the
charter of said town in conflict with this act are hereby repealed so
far as the town of Martinsville is concerned.

2. An emergency existing, this act shall be in force from its pas-
sage.