Chap. 406.—An ACT to authorize the town of Blackstone to erect, purchase, or
otherwise acquire a municipal building to be used as a council chamber, court
room, jail, house for the fire department and its equipment, mayor’s office,
and other town officers, and for other municipal purposes; to authorize the
said town to issue bonds in a sum not exceeding fifteen thousand dollars.
to sell the same and expend the proceeds thereof, or so much thereof as may
be necessary for the purposes aforesaid, and to authorize and provide a
proper tax levy for the payment of the interest on, and to create a sinking
fund to retire said bonds and any other bonds which may now be or hereafter
lawfully issued by the said town, not to exceed one-half of one per centum
on each one hundred dollars assessed value of all personal and real property
subject to taxation by said town. [H B 521]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
town of Blackstone be, and is hereby, authorized and empowered tc
erect, purchase, or otherwise acquire in the said town of Blackstone.
a municipal building, and the land necessary and proper for the same.
and the convenient use thereof, to be used as a council chamber.
court room, jail, house for the fire department, and its equipment.
mayor’s office and other town offices, and for such other municipal
purposes as the mayor and the council of said town may think proper.

2. That the mayor and council of said town of Blackstone be,
and they are hereby, authorized and empowered to borrow money not
to exceed the sum of fifteen thousand dollars, the proceeds of such
lean to be used for the purpose aforesaid, which loan may be secured
in whole or in part by a mortgage or deed of trust on said municipal
building, to be executed on the part of said town by its mayor, and
attested by its clerk, under the seal of said town, and the amount of
the same to be evidenced by the note or bond of said town, signed by
the mayor and attested by its clerk, under the seal of said town, and
shall be payable at such time and place and to such person and shall
bear such rate of interest not exceeding six per centum per annum,
to be paid at such time and place, as the mayor and council of said
town shall direct, or the said loan or such part thereof as may be nec-
essary, may be obtained by the issue and sale of the bonds of said
town as hereinafter provided, that is to say:

3. That the mayor and council of said town be, and they are
hereby, authorized and empowered, to issue and sell bonds of said
town, in an amount not exceeding the said sum of fifteen thousand
dollars, to bear interest not to exceed six per centum per annum,
payable semi-annually, with or without interest coupons attached
thereto, and the principal thereof to be paid fifteen years after the
date thereof, but the said town shall have the right to redeem at par
and accrued interest, one-third of said bonds at the end of each five
year period from the dates thereof by giving thirty days’ written
notice to the holder or holders at the place of payment.

4. That said bonds shall be signed with the name of said town,
by its mayor, and its corporate seal thereto affixed and attested by its
clerk, and the coupons shall be signed with the name of said town by
its mayor, and attested by its clerk, but the name of said town, its
corporate seal, fac simile signatures of its mayor and clerk may be
engraved or printed on said bonds and coupons, if so authorized by
the said council of said town.

5. That said bonds and coupons shall be in such form as may
by resolution be prescribed by the council of said town, and made
payable to some designated person, or to bearer, and at such place or
places as the said council of said town may likewise, by resolution,
prescribe and direct, and may be registered as to principal.

6. That the said bonds shall be in the denominations of one
hundred dollars or multiple thereof, and shall in no event be sold for
less than par and accrued interest.

7. That the council of said town, in addition to the present
authorized levy, shall be empowered to levy in the year nineteen.
hundred and twenty-six, and each year thereafter, upon all property
which is subject to taxation for town purposes, and not segregated
to the State, a levy not to exceed oné-half of one per centum on each
one hundred dollars’ assessed value of said property, for the payment
of the interest on, and to create a sinking fund to retire the aforesaid
honds, and anv other bonds which may he lawfully issued hereafter
by said town, or to repay the aforesaid loan, if obtained, by a mort-
yage or deed of trust on said property as aforesaid.

The money collected from this levy shall be kept separate and
distinct from all other funds of said town and shall be applied only
for the purpose for which hereby authorized.

8. That all acts or parts of acts in conflict herewith, are hereby
expressly repealed.

9. An emergency existing, this act shall be in force from its
passage.