Chap. 296.—An ACT to authorize the town council of the town of Appalachia,
in Wise county, to issue and sell bonds of said town to an amount not ex-
ceeding thirty thousand dollars ($30,000.00) for the purpose of funding and
refunding existing indebtedness of said town and to provide for the payment
of the interest thereon and the principal thereof at maturity. [H B ws]

Approved March 21, 1928

Whereas the town of Appalachia, in Wise county, has outstanding
certain existing indebtedness amounting approximately to thirty thou-
sand dollars ($30,000.00) due and becoming due within the next five
years, which it is unable to pay without excessively increasing the tax
rate on property in said town; and,

Whereas it is not deemed expedient or advisable at this time to in-
crease the rate of taxation on property to the extent necessary to pay
said indebtedness in full when and as it has and shall become; and,

Whereas the council of said town on the seventeenth day of Feb-
ruary, nineteen hundred and twenty-eight, adopted a resolution setting
forth the above and asking the general assembly of Virginia for author-
ity to issue bonds for the purpose of funding or refunding said in-
debtedness; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Appalachia, in Wise county, be and it ts
hereby authorized and empowered, in its discretion, to issue bonds of
said town not exceeding the sum of thirty thousand dollars ($30,-
000.00), for the purpose of funding or refunding said indebtedness of
said town. Such bonds shall be signed by the mayor and attested by
the clerk or recorder of said town; shall bear interest at a rate not
exceeding six per centum per annum; shall be payable or redeemable at
such time or times, not exceeding thirty-five years from the date of
issue, as the town council may determine; and shall be of such denonn-
nations and either registered or coupon as said council may determine.
The sale of such bonds may be conducted and effected in such manner
as the said council may determine, provided that such bonds shall not
be sold upon a basis which will cost the town more than six per centum
interest per annum.

2. The council of said town of Appalachia shall provide for the
annual levy and collection of a tax upon all of the property within
said town, subject to taxation for such purpose, at such rate as will
be sufficient to provide for the payment of the interest on such bonds
and to provide a sinking fund for the payment of the principal thereof
at maturity.

3. Bv reason of the fact that the proper management of the finances
of said town demands that such bonds be issued as soon as possible,
an emergency is hereby declared to exist and this act shall be in force
from its passage.