Chap. 182.—An ACT to authorize the town council of the town of Tazewell mn
the county of Tazewell, to borrow money not in excess of ten thousand dol-
lars ($10,000.00), and to issue its bonds therefor, for the purpose of making
a gift or contribution thereof to American Legion, Sidney Coulling Post, No.
133, to partially defray the cost, charges and expenses of erecting a memorial
building on that lot of land located in the town of Tazewell, Tazewell
county, Virginia, and mentioned in chapter No. 64 of the acts of the general
assembly, enacted in 1926, and to provide for the payment of the interest on

the said bonds and the payment and redemption of the principal thereof.
{H B 213]

Approved March 14, 1928

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Tazewell, in the county of Tazewell, be, and it
is hereby, authorized to borrow a sum of money not exceeding ten
thousand dollars ($10,000.00), and to issue the bonds of said town
therefor, for the purpose of making a gift or contribution thereof to
the American Legion, Sidney Coulling Post, number one hundred and
thirty-three, to partially defray the cost and expenses of erecting a
memorial building on that lot of land located in the town of Tazewell,
Tazewell county, Virginia, and mentioned in chaptet number sixty-four
of the acts of the general assembly, nineteen hundred and twenty-six.

2. The bonds shall be registered or coupon, as the said council may
determine, and shall be issued in denominations of one hundred dol-
lars ($100.00) or any multiple thereof, as the council may prescribe,
and shall bear interest at a rate not to exceed six per centum per
annum, payable annually or semi-annually, as the council may prescribe.
‘Lhe principal of said bonds shall be payable not exceeding twenty years
from the date thereof, but may, in the discretion of the said council,
be made payable’ or redeemable at such time or times within said
twenty years as said council may prescribe and stipulate upon the face
of the bonds when issued.

3. he bonds shall be signed by the mayor of said town, whose
Signature shall be attested by the recorder ot the said town, with the
corporate seal attached, and shall be sold and negotiated in such man-
ner and upon such terms as the council shall prescribe; provided, the
said bonds shall not be sold for less than par value, when bearing
interest as great as six per centum (6%) per annum. ‘The council ot
the said town shall have power to make annual appropriations out of
the revenue of the said town, to pay the interest on said bonds and to
provide for the payment and redemption of said bonds when due, and
if necessary, shall annually levy a special tax on all property in said
town subject to local taxation for said purposes.

4. When the said town wishes to redeem any of the said bonds out-
standing and subject to call, issued under the provisions of this act, it
may, through its mayor, give notice of its intention to do so to the
hoider, in person, or by publication thereof once a week for two suc-
cessive weeks in a newspaper published in said county or nearest
thereto. It shall be sufficient in the notice to give the number and
amount of such bond or bonds and to fix a day for its or their presenta-

tion for payment, which shall not be less than twenty days from the date
of service of personal notice, or the completion of publication thereof,
as the case may be. If the bond be not presented on the day fixed for
its redemption, interest thereon shall cease from that day.

5. Nothing herein shall authorize the issuing of bonds herein men-
tioned until an election shall be held in said town for the purpose of
deciding upon the question of this bond issue, said election to be held
under the terms of the general law prescribing the method of holding
elections in towns for the purpose of deciding upon the question of
bond issues, as prescribed by chapter one hundred and twenty-two of the
Code of Virginia, nineteen hundred and nineteen, and acts amenda-
tory thereof.

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