Chap. 155.—An ACT to authorize the council of the town of Gretna in the
county of Pittsylvania to borrow money, not in excess of $70,000.00, and to
issue its bonds therefor, for the purpose of acquiring the necessary property
and constructing a water system or sewerage system or both, and for extend-
ing water mains and improving its streets; and to provide for the payment
of the interest on said bonds, and the redemption of the principal thereof.

S B 156]
Approved March 17, 1926.

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Gretna in the county of Pittsylvania be, and
it is hereby, authorized to borrow a sum of money not exceeding sev-
enty thousand ($70,000.00) dollars, and to issue bonds of the said town
therefor, for the purpose of acquiring the necessary property therefor,
and constructing a water system or sewerage system, or both, and for
extending water mains and improving its streets.

The bonds shall be registered or coupon as the said council may
determine, and shall be issued in denominations of one hundred dol-
lars, or any multiple thereof, as the council may prescribe, and shall
bear interest at a rate not to exceed six per centum per annum, pay-
able annually or semi-annually, as the council shall prescribe. The
principal of the said bonds shall be payable thirty years after date,
-but in the discretion of the council of said town may be redeemed at
any time after twenty years and before maturity.

The bonds shall be signed by the mayor of said town whose signa-
ture shall be attested by the clerk of said council with the corporate
seal attached, and shall be sold and negotiated in such manner, and
upon such terms as the council shall prescribe; provided, the said
bonds shall not be sold for less than par value, when bearing interest
as great as six per centum per annum. The council shall have power
to make annual appropriations out of the revenue of the corporation
to pay the interest on said bonds, and to provide a sinking fund for
the redemption of said bonds when due, or when redeemed before
maturity as aforesaid, and, if necessary shall levy a special tax on all
property subject to local taxation within the limits of said town for
said purposes. ,

Nothing herein shall authorize the issuing of bonds herein men-
tioned until an election shall be held in said town for the purpose of
deciding upon the question of this bond issue, said election to be held
under the terms of the general law prescribing the method of holding
elections in towns for the purpose of deciding upon the question of
bond issues.

This act shall not be construed to take from the said town of
Gretna thé right to issue bonds under the general laws for the issuance
of bonds by towns.

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