An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1926 |
---|---|
Law Number | 297 |
Subjects |
Law Body
Chap. 297.—An ACT to authorize the council of the town of South Boston to
issue bonds of the town of South Boston in an amount not exceeding fifty
thousand ($50,000.00) dollars, and to provide for the levy of a tax to pay
interest on said bonds and to retire the same as they mature. [S B 239]
Approved March 24, 1926.
Whereas, the town of South Boston is indebted for certain public
improvements and utilities consisting of those of widening and im-
proving the streets and for construction of sidewalks and the ex-
tensions of the water system of the town, and contemplated further
improvements to its streets by widening the same, and for current
revenue anticipated for general purposes, which indebtedness amounts
to the sum of approximately fifty thousand dollars and is carried
to the extent of expenditures already made in the form of -notes to
banks in the said town of South Boston; and,
Whereas, it is the desire of the council of said town of South
Boston to fund the floating indebtedness so carried and to provide
for said anticipated improvements by issuing bonds to retire floating
indebtedness and to provide necessary money to pay the cost of
such anticipated improvements; therefore,
1. Be it enacted by the general assembly of Virginia, That the
council of the town of South Boston may issue bonds of the town of
South Boston in the aggregate principal sum of fifty thousand dol-
lars for the said purposes.
‘Said bonds shall be numbered consecutively from one upward,
of denomination of one thousand dollars each and shall bear date as
fixed by the council and shall be payable in series of not exceeding
five thousand dollars each year beginning not less than three years
from their date, and shall bear interest at the rate of not exceeding
five and one-half per centum per annum, payable semi-annually.
Said bonds shall be in coupon form. They shall be signed by the
mayor of said town and attested by the clerk of said town and the
corporate seal of said town shall be thereunto affixed; and the coupons
to be attached to said bonds shall be authenticated by the facsimile
signatures of said mayor and clerk. Said bonds and coupons shall
be substantially in the following form:
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
TOWN OF SOUTH BOSTON
IMPROVEMENT AND FUNDING BOND
No..........0-: $1,000.00
Know, all men by these presents: That the town of South Boston,
a municipal corporation of the Commonwealth of Virginia, for value
received acknowledges itself indebted and promises to pay to the
bearer the sum of one thousand dollars on the.............. day
0) , nineteen hundred and..............
together with the interest thereon from the date hereof until the
payment of said principal sum at the rate of.. .. per centum per
annum payable semi-annually on the first day rns
and................ , In each year and at the maturity of this
bond, upon presentation and surrender of the annexed coupons as
they shall severally become due. Both principal and interest of
this bond are payable in gold coin of the United States of America
of the present standard of weight and fineness, or its equivalent in
value, at the National Bank of Commerce in the city of New York,
New York.
This bond is one of an issue of............ bonds of like date
and tenor numbered from one to.......... inclusive, issued pursuant
to an act of the general assembly of Virginia approved.............
nineteen hundred and twenty-six.
It is hereby certified and recited that all conditions, acts and
things required by the Constitution and statutes of the Common-
wealth of Virginia to exist, to have happened and to be performed
precedent to and in issuance of this bond exist, have happened and
have been performed and that the issue of bonds of which this is
one, together with all other indebtedness of said town, is within
every debt and other limit prescribed by the Constitution and laws
of said Commonwealth, and the faith and credit of said town are
hereby pledged irrevocably to the punctual payment of the principal
and interest of this bond according to its terms.
In witness whereof, the town of South Boston has caused these
presents to be signed by its mayor and attested by its clerk and its
corporate seal to be hereunto affixed and the interest coupon hereto
attached to be signed with the facsimile signature of said mayor and
clerk, and this bond to be dated the........ day of............... ,
nineteen hundred and twenty-six.
Mavor.
Attest:
(Seal)
FORM OF COUPON
Soo
The town of South Boston, in Virginia, will pay to the bearer on
the first day of............ , nineteen hundred and...............
Loe ce eee ene eee nes dollars in gold coin of the United
State of America of the present standard of weight and fineness, or
its equivalent in value, at the National Bank of Commerce, in the
city of New York, New York, being.................... months’
interest then due on its improvement and funding bond number
ee ee ee ee » Gale CNe..........4aY OF... .. ee ee ee eee ee ee wee
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Said bonds shall in any suit, or proceeding involving their validity
be conclusively deemed to be fully authorized by this act and to have
been issued, sold, executed and delivered in conformity herewith and
with all other provisions and statutes applicable thereto, and shall
be incontestible, anything herein or in other statutes to the contrary
notwithstanding, unless such suit, action or proceeding is begun prior
to the delivery of such bonds.
2. Until the principal and interest on said bonds shall be fully
paid there shall be levied and collected annually by tax on all property
in the town of South Boston subject to taxation under the general
laws of the State of Virginia, a sum sufficient to pay the interest on
all of said bonds outstanding as it becomes due, and a further sum
sufficient to retire said bonds as they shall mature.
3. In view of the present financial necessities of the town and
the importance of issuing said bonds promptly, an emergency is
declared to exist and this act shall be in effect from its passage.