Chap. 21.—An ACT to validate and legalize the issuance of $85,000.00 in water
bonds of the town of New Market, in the county of Shenandoah, to provide
that the said bonds shall not be redeemable until the expiration of ten years
from the date of issuance, that the interest on the said bonds shall be paid
semi-annually, and to fix the place of payment of the said bonds and the
interest thereon. [H B 37]

Approved February 17, 1926.

Whereas, by an ordinance approved the sixth day of August, nine-
teen hundred and twenty-five, the mayor and council of the town of
New Market, in the county of Shenandoah, were authorized and em-
powered to issue and sell bonds of said town in the amount of eighty-
five thousand dollars, for the purpose of establishing and installing a
water and sewer system; and .

Whereas, the question of the proposed issue of the said bonds was
duly submitted to the qualified voters of the said town at a special
election held on the twelfth day of September, nineteen hundred and
twenty-five, at which election the proposed issue was sanctioned and
approved; and

Whereas, the bonds provided for in the said ordinance are redeem-
able by the said town after five years from the date of issuance and the
interest thereon is payable annually, the said bonds not being readily
salable because of these provisions; and

Whereas, by an ordinance approved the fourteenth day of Janu-
ary, nineteen hundred and twenty-six, and in force from its passage,
the said ordinance of the sixth day of August, nineteen hundred and
twenty-five, was amended to provide that the said bonds shall not be
redeemable until the expiration of ten years from the date of issuance,
that the interest shall be paid semi-annually instead of annually, and
that the bonds and the interest thereon shall be payable at the United
States Mortgage and Trust Company, New York City, New York; and

Whereas, it is desirable that there shall be no doubt as to the va-
lidity of the said bond issue; now, therefore, __.

1. Be it enacted by the general assembly of Virginia, That all
proceedings heretofore taken by the mayor and council of the town of
New Market under and by virtue of general law and of the ordinance
of August sixth, nineteen hundred and twenty-five, as amended by
the ordinance of January fourteenth, nineteen hundred and twenty-
six, and all acts done and proceedings had in connection with the is-
suance of such bonds, are hereby validated, ratified, approved and
confirmed.

2. The said bonds shall not be redeemable by the town of New
Market until after ten years from the date of issuance, the interest on
the said bonds shall be paid semi-annually, and the said bonds and
the interest thereon shall be payable at the United States Mortgage
and Trust Company, New York City, New York.
3. The mayor and council of the said town are hereby authorized
without further sanction or approval of the qualified voters of the
said town to proceed to issue and sell the said bonds as authorized in
the said ordinances and by this act, and the said bonds, when executed,
and delivered pursuant to law, shall be valid and binding obligations
of the town of New Market, Virginia.

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