Chap. 317.—An ACT to authorize the town of Ashland, Virginia, to issue bonds
tor the purpose of redeeming, paying off or refunding certain bonds of the
said town, dated on April 1, 1914, payable April 1, 1964, for the purpose of
constructing, purchasing or acquiring, the works and the plant necessary to
provide an efficient system of sewerage and an adequate supply of water for
said town, issued in pursuance of an ordinance of the said town, approved
January 20th, 1914. [H B 388]

Approved March 21, 1928

Whereas the town of Ashland, Virginia, in pursuance of an ordi-
nance of the said town, approved January twentieth, nineteen hundred
and fourteen, issued bonds of the said town in the amount of forty
thousand dollars ($40,000.00), bearing date on the first day of April
nineteen hundred and fourteen, and payable on the first day of April,
nineteen hundred and sixty-four, with interest thereon at the rate of
five per centum per annum, payable semi-annually on the first days of
April and October of each year, for the purpose of constructing, pur-
chasing or acquiring the works and the plant necessary to provide an
efficient system of sewerage and an adequate supply of water for the
said town, which said bonds are now outstanding and constitute valid
obligations of the said town; and,

Whereas the said bonds will not become due and payable until the
first day of April, nineteen hundred and sixty-four, but the said town
expressly reserved the right to redeem and pay off the said bonds at
any time after the first day of April, nineteen hundred and twenty-
four, upon the payment of the principal and interest then due, after
thirty days’ notice of intention so to redeem; and

Whereas the said town now desires to refund the said debt and to
redeem the said bonds, and for that purpose to issue new and other
bonds in the said amount of forty thousand dollars ($40,000.00) at a
lesser rate of interest; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Ashland, Virginia, be and is hereby authorized
and empowered, by a two-thirds vote of the said council, to issue bonds
in the name of the said town to the amount of forty thousand ($40,-
000.00), without submitting the question of the issuance of the said
bonds to the voters of the said town, to be used for the purpose of
redeeming, paying off or refunding the aforesaid bonds of the said
town, dated the first day of April, nineteen hundred and fourteen, and
payable on the first day of April, nineteen hundred and sixty-four,
and the bonds hereby authorized to be issued shall be payable to
bearer, shall run for a period not exceeding the unexpired term of the
said original bonds, shall bear interest, pavable semi-annually, at a
rate of less than five per centum per annum, with interest coupons at-
tached thereto, shall contain such description as will identify the debt
for which they are to be issued to redeem, pay off or refund, and
both said bonds and coupons shall be pavable at such place or places as
may be designated by the council of the said town, and the said bonds
shall be in such form and denominations as the council of the said
town may determine and shall be signed by the mayor of the said town,
with the seal of the said town affixed thereto, attested by the clerk oi
the council or his deputy, and shall be sold either publicly or privately,
but in no event shall they be sold upon a basis which will cost the said
town as much as five per cent. interest per annum.

2. The council of the said town shall have the authority to make
annual appropriations out of the revenue of the said town to pay the
interest on the said bonds and to provide a sinking fund for the re-
demption of the principal thereof at maturity, or to levy a special tax
on all property subject to local taxation within the limits of the said
town for said purposes.

3. All laws now in force, general or special, in conflict with this
act are hereby repealed so far as they affect the legality of the bonds
provided for in this act.

4. An emergency is declared to exist, and this act shall be in force
from its passage.