Chap. 278.—An ACT to authorize the town council of the town of North Taze-
well, in the county of Tazewell, to borrow money not in excess of twenty-
five hundred dollars ($2,500.00), and to issue its bonds therefor, for the pur-
pose 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 Taze-
well, Tazewell county, Virginia, and mentioned in chapter No. 64 of the acts
of the general assembly of Virginia, 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 214]

Approved March 21, 1928

1. Be it enacted by the general assembly of Virginia, That the
ouncil of the town of North Tazewell, in the county of Tazewell, be,
nd it is hereby, authorized to borrow a sum of money not exceeding
twenty-five hundred dollars ($2,500.00), 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 chapter 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 dollars
($100.00) or any multiple thereof, as the council may prescribe, and
shall bear interest at a rate not to cxceed six per centum per annum,
payable annually or semi-annually, as the council may prescribe. The
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 twentv
years as said council may prescribe and stipulate upon the face of the
bonds when issued.

3. The bonds shall be signed by the mayor of said town, whose
signature shall be attested by the recorder of the said town, with the
corporate seal attached, and shall be sold and negotiated in such
manner 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 of
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
holder, 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 ot
bond issues, as prescribed by chapter one hundred and twenty-two ot
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.