Chap. 187.—An ACT to authorize the council of the town of South Boston to issue
bonds of the town of South Boston in an amount not exceeding fifty thousand
dollars ($50,000), and to provide for the levy of a tax to pay the interest on
said bonds and to retire the same as they mature, and to validate the issuance
of all indebtedness of said town issued in anticipation of uncollected taxes in
the years 1931 and 1932, to be funded from the proceeds of said bonds.

[S B 260]
Approved March 22, 1932

Whereas, the town of South Boston has expended sundry sums of
money in making necessary public improvements in anticipation of the
collection of town levies of taxes for the years nineteen hundred and
thirty-one and nineteen hundred and thirty-two, and the said town has
certain funds on deposit in banks which have suspended operation, and
said funds are not available for use; and

Whereas, it is anticipated that collections of taxes for the tax years
nineteen hundred and thirty-one and nineteen ‘hundred and thirty-two
will not be sufficient nor available in time to meet the necessary general
expenditures of the town during the current year nineteen hundred and
thirty-two, and it is necessary to borrow an amount sufficient to meet
the current needs of the town treasury for municipal purposes during
the year nineteen hundred and thirty-two, for which appropriations
have heretofore been made, and to fund any existing indebtedness of
the town issued in anticipation of uncollected taxes in the years nine-
teen hundred and thirty-one and nineteen hundred and thirty-two ;
therefore,

1. Be it enacted by the general assembly of Virginia, That the
council of the town of South Boston may issue bonds of the town of
South Boston in the aggregate principal sum of fifty thousand dollars
($50,000), or any part thereof, for said purposes.

Said bonds shall be numbered consecutively from one upward of
the denomination of one thousand dollars each, and shall bear date as
fixed by the council and shall be payable in series of ten thousand dol-
lars each year, beginning one year from date, and shall bear interest at
the rate of not exceeding six per centum per annum, payable semi-
annually. Said bonds shall be in coupon form. They shall be signed
by the mayor of the town and attested by the clerk of said town, and
the corporate seal of said town shall be thereunto affixed, and the
coupons to be attached to said bonds shall be authenticated by the
facsimile signatures of said mayor and clerk. Said bonds and coupons
shall be substantially in the following form:

UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
TOWN OF SOUTH BOSTON
IMPROVEMENT AND FUNDING BOND
No._----------- $1,000.00

Know all men by these presents: That the town of South Boston,
a municipal corporation of the Commonwealth of Virginia, for value
received, acknowledges itself indebted and promises to pay to the
bearer the sum of one thousand dollars on the_____- day of__----___-
nineteen.__._---__----_- , together with interest thereon from the
date hereof until the payment of said principal sum, at the rate of
a per centum per annum, payable semi-annually on the______days
of_____- and______ of each year and at the maturity of this bond,
upon presentation and surrender of the annexed coupons as they shall
severally become due. Both principal and interest of this bond are
payable in gold coin of the United States of America, of the present
standard of weight and fineness, or its equivalent in value, at the
Guaranty Trust Company, in the city of New York, New York.

This bond is one of an issue of______ bonds of like date and tenor
except as to maturity, numbered from one to--___- inclusive, issued
pursuant to the Constitution and statutes of the Commonwealth of
Virginia, including an act of the general assembly of Virginia, ap-
5, | , nineteen hundred and thirty-two, and pur-
suant to resolutions and proceedings of the council of the town of
South Boston, duly had and adopted.

It is hereby certified and recited that all conditions, acts and things
required by the Constitution and statutes of the Commonwealth of
Virginia to exist, to have happened and to be performed precedent to
and in the issuance of this bond exist, have happened and have been
performed, and that the issue of bonds of which this is one, together
with all other indebtedness of said town, is within every debt and
other limit prescribed by the Constitution and laws of said Common-
wealth, and the faith and credit of said town are hereby pledged ir-
revocably to the punctual payment of the principal and interest of this
bond according to its terms.

In witness whereof, the town of South Boston has caused these
presents to be signed by its mayor and attested by its clerk, and its
corporate seal to be hereunto affixed, and the interest coupons hereto
attached to be signed with the facsimile signatures of said mayor and

clerk, and this bond to be dated i day of----_- , nineteen hun-
Cnet ae ee
OS Mayor. tt”
Attest
Clerk. s—S
(SEAL)

FORM OF COUPON

The town of South Boston, in Virginia, will pay to the bearer on
the____-- ih a re nineteen hundred and___-_-______
a eee dollars in gold coin of the United States
of America of the prescent standard of weight and fineness, or its
equivalent in value, at the Guaranty Trust Company, in the ‘city of
New York, New York, being six months’ interest then due on its im-
provement and funding bond number____._-____- dated the________
(Es A saciid

2. Said bonds shall in any suit, or proceeding involving their
validity, be conclusively deemed to be fully authorized by this act to
have been issued, sold, executed and delivered in conformity herewith
and with all other provisions and statutes applicable thereto, and
shall be incontestable, anything herein or in other statutes to the
contrary notwithstanding, unless such suit, action, or proceeding is
begun prior to the delivery of such bonds.

Until the principal and interest of said bonds shall be fully paid,
there shall be levied and collected annually by tax on all property
in the town of South Boston, subject to taxation under the general
laws of the State of Virginia, a sum sufficient to pay the interest
on all of said bonds outstanding as it becomes due, and a further sum
sufficient to retire said bonds as they shall mature.

3. Be it further enacted by the general assembly of Virginia that
all bonds, notes and other obligations issued by said town in antici-
pation of uncollected taxes in the years nineteen hundred and thirty-
one and nineteen hundred and thirty-two, to be funded from the pro-
ceeds of the bonds herein authorized to be issued, are hereby vali-
dated, ratified and confirmed, and declared to be legal and validly
binding obligations of the town of South Boston.

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