Chap. 433.—An ACT to authorize the council of the town of Honaker in the
county of Russell to borrow a sum of money, not in excess of $50,000, and
to issue the bonds of the said town therefor, for the purpose of constructing
a water supply system, and sewerage system, and for the purpose of im-
proving the streets in the said town; and requiring the said council to an-
nually levy a tax upon all property subject to local taxation in the said town,
sufficient to pay the interest on said bonds and create a sinking fund to re-
deem the principal thereof at maturity. [H B 437]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Honaker, in the county of Russell, be, and
it is hereby, authorized and empowered, in its discretion, to borrow
a sum of money, not exceeding fifty thousand dollars, and to issue
the bonds of the town therefor, for the purpose of constructing a water
supply system and sewerage system, and for the purpose of improving
the streets in the said town.

2. The said bonds may be either coupon or registered and shal
be.issued in such denominations, and be payable at such time or times
not exceeding thirty years from the date thereof, as the said counci
may determine; they shall bear interest at not exceeding six per
centum per annum, and shall not be sold for less than par. The
bonds issued in pursuance of this act shall be signed by the mayor of
the said town and countersigned by the recorder; provided, however,
that no bonds shall be issued under this act, unless and until at a
special election to be held in said town on such date as may be fixed
by the council a majority of the qualified voters living within the
corporate limits of said town and voting in the said election shall vote
in favor of such bonds. And it is hereby made the duty of the regular
election officers to prepare the ballots and otherwise provide for the
submission of the said question to the voters at the said election; on
each ballot shall be printed in separate lines the following:

For bond issue
Against bond issue

Voters desiring to vote in favor of the issuance of said bonds shall
strike out the words ‘‘against bond issue,’’ and voters desiring to vote
against bond issue shall strike out the words “‘for bond issue.’’ Voters
striking out or erasing the words ‘‘for’’ or “‘against’’ shall be deemed
to have stricken out or erased the entire line. But it is moreover
expressly provided that the said council may, if it so desires, provide
for the submission of the said question to the voters aforesaid at the
regular election to be held in the said town on the second Tuesday in
June, nineteen hundred and twenty-six, instead of having a special
election as aforesaid.

After the issuance of the bonds herein provided for, the council of
the town of Honaker shall annually levy a tax upon all of the property
subject to local taxation in the said town, sufficient to pay the interest
on the said bonds and to create a sinking fund to redeem. the principal
thereof at maturity.

3. All provisions of the charter of the town of Honaker in con-
flict with this act are hereby repealed to the extent of such conflict.

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