Chap. 352.—An ACT to authorize the council of the town of Stuart, in the
county of Patrick, to isste not exceeding thirty-two thousand dollars of
bonds for the purpose of funding and refunding outstanding indebtedness
of said town and providing for the levy of taxes to pay interest and
principal of said bonds. [H B 476]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Stuart, in the county of Patrick be, and it is
hereby, authorized to issue and sell bonds of said town to an amount
not exceeding thirty-two thousand dollars ($32,000.00), the proceeds
of which are to be used by said town for the purpose of paying a like
amount of its outstanding indebtedness consisting of the following
items, to-wit:

Twenty thousand dollars general improvement bonds, bearing six
per centum interest, dated June first, nineteen hundred and twenty-
three and maturing five thousand dollars in each of the years nineteen
hundred and twenty-eight, nineteen hundred and thirty-three and
nineteen hundred and thirty-eight and nineteen hundred and forty-
three; also five thousand dollars general improvement bonds, bearing
six per centum interest, dated July first, nineteen hundred and twenty-
four and maturing two thousand dollars, nineteen hundred and thirty-
one; and three thousand dollars, nineteen hundred and thirty-four;
also seven thousand dollars six per centum demand notes of Stuart,
Virginia, which are payable on demand and the proceeds of which
were used for general improvements in Stuart, Virginia, all of which
indebtedness is hereby declared to be valid and binding upon said
town.

2. The town council shall prescribe by ordinance the date to be
borne by said bonds, the denomination thereof, the rate of interest
and the times and place or places of payment of principal and interest
provided that none of said bonds shall bear interest at a rate exceeding
six per centum per annum, payable semi-annually and that none of
said bonds shall mature more than thirty years from their date. Said
bonds shall be signed by the mayor and attested by the clerk of said
council with the seal of the town attached and shall be issued with
interest coupons attached, bearing the facsimile signatures of said
mayor and clerk. .

3. Said council shall by ordinance or resolution, prescribe the
manner of sale and the terms upon which said bonds shall be sold
provided the same shall not be sold for less than par.

4. In each year after said bonds are issued a tax shall be levied at
the same time and in the same manner as other taxes upon all the tax-
able property of the town in an amount sufficient to provide for the
interest to fall due in the ensuing year and such amount as may be
necessary to provide an adequate sinking fund for the payment of the
principal at maturity which tax shall be in addition to all other taxes
and shall not be subjected to any limit imposed by the town charter
or by any general or special law of this State.

5. An emergency is declared to exist on account of the necessity
for providing a fund for the payment of certain of the aforesaid debts
and this act shall be in force and effect from its passage.